Italian bank to start a Bitcoin trading service amid COVID-19 outbreak

Italy’s Banca Sella is planning to launch a Bitcoin trading service amid surged crypto adoption following the coronavirus outbreak. The trading will be conducted through the bank’s Hype platform. Banca Sella will act as an intermediary to mitigate potential security risks associated with crypto exchanges. As Italy is in lockdown, the bank is taking advantage of the increasing interest in Bitcoin as a safe way to transfer money internationally. 

Around 1.2 million Italians are already using Banca Sella’s Hype to carry out transactions. In addition to these users being able to buy and sell Bitcoin, they can also pay for products and services using crypto. Antonio Valitutti, General Manager at Hype, said:

The cryptocurrency and Bitcoin market, in particular, continues to arouse interest, especially among the public that constitutes our customer base — by definition young and smart and who, increasingly, expect to be able to access this world through the tool that they use to manage money on a daily basis.

Over the last few months, Italian institutions have shown increased interest in blockchain and crypto. Blockchain technology was leveraged in electronic voting in Naples and two high schools in the country announced they would record diplomas on blockchain. Conio, a Milan-based startup, has also announced that they will be offering an additional Bitcoin wallet on the Hype platform, along with buying/selling and safe custody of digital assets.