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Coronavirus lockdown prompts Italian bank to open Bitcoin trading to 1.2 million people



Banco Sella, an Italian Bank, has opted to open Bitcoin Trading Services in Italy. This is attributed to the adoption of Cryptocurrency as a safe way to transfer money internationally. Especially due to the current outbreak of the COVID-19 virus which has caused a total lockdown in the country forcing people to stay at home and avoid interactions. The bank has capitalized on the growth of cryptocurrency and the fact that Bitcoin is a safe way to transfer money both locally and internationally.

The bank has provided a Hype platform where these trading services can be conducted. To ensure that the clients have an easy time while transacting, the bank will take the responsibility of acting as an intermediary that will mitigate any potential security risks that are involved with cryptocurrency trade.

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Banca Sella’s Hype service already has about 1.2 Million Italians who use it as a platform to buy and sell bitcoins. These users will not only manage to sell and buy bitcoins on the platform but to also pay for goods and services using cryptocurrency. Antonio Valitutti, the General Manager of Hype at Banco Sella noted that since bitcoin is a market that has continuously aroused interest among its customer base, they expect to be able to access said services through their money management tool every day; their customer base comprises of the young, the who and the smart. 

Other than capturing the interest of Banca Sella, Cryptocurrency and blockchain has continued to raise interests in other Italian institution which are also adapting the technology to offer services. In recent months, there has been an inclination to blockchain technology which as observed was used in electronic voting in Naples. In addition to that, last week, two Italian High Schools located in Rome and Crotone reported that they would use Ethereum’s block chain public technology. This in a bid to record unchangeable and easy to share diplomas. The program is meant to eliminate issuance of fake diplomas in Italy.

With the national crypto boost, other Italian startups are joining the movement. Conio Bitcoin Wallet, a Milan based startup, recently announced that they had a plan to provide additional Bitcoin wallets on the Hype platform that will be offered along with safe custody of digital assets and buying and selling of bitcoins. Their services on this platform will not need documents or any customer verification requirements in order to carry out any Bitcoin transaction.

Image by Kaufdex from Pixabay

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