Key Points
- Banca Sella introduces Bitcoin trading services on its mobile banking platform, Hype.
- The bank has set trading limits, with the move coinciding with Italy’s strict lockdown due to COVID-19.
Banca Sella, an Italian banking institution, has recently made a move into the crypto market. The bank has unveiled its plans to introduce Bitcoin trading services on its mobile banking platform, Hype.
Entering the Crypto Market
The bank, which has a historic reputation and serves 1.4 million customers, will be rolling out these services gradually. The service is currently in beta testing for Hype Plus customers and will soon be accessible to all Hype users.
Customers will be able to buy, sell, and send Bitcoin directly within the app. This eliminates the need for external exchanges and allows users to transact and make purchases wherever cryptocurrency payments are accepted.
Trading Limits
To manage risk, the bank has put trading limits in place. Hype Start accounts have a cap of $2,700 annually, while Plus and Premium accounts have a limit of $54,000.
This move by Banca Sella comes at a time when Italy is under strict lockdown measures due to the COVID-19 pandemic. This situation has led to a surge in demand for alternative financial solutions.
This is part of a wider trend of institutional adoption of cryptocurrency. Global financial institutions such as J.P. Morgan Chase, BlackRock, and Greyscale have all adopted pro-crypto practices, notably in the form of spot BTC ETFs.
