The growing acceptance of cryptocurrencies and the COVID-19 outbreak have encouraged Italian Banco Sella to launch a Bitcoin trading service.
Trading takes place through the bank’s Hype platform, with the bank acting as an intermediary to mitigate potential security risks with cryptocurrency exchanges. With the country locked and everyone locked in, the bank is capitalizing on a growing interest in Bitcoin as a safe way to transfer international money in the midst of the crisis.
About 1.2 million Italians are already using Banca Stella’s Hype to make trades and they will not only be able to buy and sell Bitcoin, they will also be able to pay for goods and services with the cryptocurrency.
Antonio Valitutti, General Manager at Hype said:
“The cryptocurrency and bitcoin market, in particular, continues to spark interest, especially from the audience that makes up our customer base – young and smart by definition, who increasingly expect to access this world through the tool they use to manage money daily. ‘
Interest in cryptocurrency and blockchain has been boosted by Italian institutions in recent months. Blockchain technology was applied to electronic voting in Naples, and two Italian high schools announced last week that they would be incorporating diplomas onto blockchain.
Milan-based startup Conio has also announced they will be offering an additional Bitcoin wallet on the Hype platform, along with buy / sell and secure digital asset safekeeping.
The service makes it clear that they don’t need additional documents or Know-Your-Customer requirements to be able to conduct Bitcoin related activities.