The COVID-19 pandemic has driven crypto adoption as a bank in Italy, Banca Sella opens bitcoin trading service to its over 1.2 million customers.
The trading process will be done through the bank’s Hype platform. Banca Sella will act as the mediator to diminish the potential risks that are associated with exchange platforms. With Italy under lockdown being the second hardest-hit country by the coronavirus pandemic, Banco Sella is taking advantage of the rising interest in bitcoin as a secure way to make cross border transfers.
Bank in Italy to open bitcoin service to 1.2 million Hype users
Currently, more than 1.2 million people in Italy use the Banca Sella Hype platform to make transactions. According to the latest developments, over one million users will now be able to buy, sell bitcoin. In addition, Hype users will also be able to settle the payment of goods and services using digital currencies through the Hype platform.
The General Manager of Hype, Antonio Valitutti stated:
“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.”
Blockchain technology and cryptocurrencies have grown in interest among Italian institutions in the last few months. Blockchain technology was adopted during a recent voting process in the city of Naples. Moreover, over the past week, two Italian high schools launched blockchain-based diplomas. According to reports, the Italian Red Cross introduced a bitcoin fundraiser; to aid in its effort to fight the pandemic in the country.
Italian firms moving with the crypto hype
As the bank in Italy initiates bitcoin services, a cryptocurrency startup has also announced to provide an additional crypto wallet. Milan based startup Conio, also announced that it will provide an additional cryptocurrency wallet on the Hype platform. The wallet will enable both buying and selling of cryptocurrencies, on top of providing safe custody for digital assets.
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