Growing crypto acceptance and COVID-19 outbreak has inspired Italy’s Banca Sella to launch a Bitcoin trading service The trading is done via the bank’s Hype network, with the bank serving as an intermediary to minimize possible security risks with cryptocurrency exchanges. With the country in lockdown and everyone trapped at home, the bank is capitalizing on rising interest in Bitcoin as a secure way to move money in the middle of the crisis internationally.
Italians Already Use Banca Sella’s Hype
Approximately 1.2 million Italians are currently using Banca Stella’s Hype to make transactions and will not only be able to purchase and sell Bitcoin, but they will also be able to pay for goods and services using the crypto-currency.
Hype general manager Antonio Valitutti 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.”
Interest in cryptocurrency and blockchain has received a boost among Italian institutions in recent months. Blockchain technology has been applied to electronic voting in Naples, and two high schools in Italy revealed last week that they would record blockchain diplomas.
Other startups are joining to leverage crypto boost in the country
Conio, a Milan-based company, also confirmed they would deliver an additional Bitcoin wallet on the Hype website, along with buying/selling and secure digital asset custody.
The service clarifies that to be able to conduct any Bitcoin-related operation, they do not need additional documentation or Know-Your-Customer specifications.