Italian Bank Opens Bitcoin Trading During COVID-19 Outbreak

The current global pandemic has prompted Banca Sella, a large Italian bank, to open a Bitcoin trading platform for its 1.2 million customers in Italy.

20 March, 2020 | AtoZ Markets –  The increasing adoption of crypto and the COVID-19 epidemic have encouraged Banco Sella, an Italian bank, to open Bitcoin trading service. The new platform called “HYPE BITCOIN” is the first bitcoin buying and selling service. It offered by a large Italian bank in the form of a wallet fully integrated into the client’s account.

1.2 Million Italian Customers Already Use Banca Stella’s Hype

The country is in lockdown and everyone staying at home. The bank is taking advantage of the growing interest in bitcoins. It is a safe way to transfer money internationally during a crisis. About 1.2 million Italians are already using Banca Stella’s Hype for transactions. They will be able to buy and sell Bitcoin, but they will also be able to pay for goods and services with cryptocurrency.

According to a press release, the wallet is fully integrated into a customer’s account. It gives full custody and therefore real ownership of the currency through a three-key system. However, this service is the result of cooperation between the Italian fintech company Conio and the bank.

A survey conducted by HYPE revealed that among the services desired by customers, 13.5% indicated an interest in the cryptocurrency trade. Antonio Valitutti, CEO of Hype said:

“The cryptocurrency and bitcoin market, in particular, continue to generate interest, especially from the public who constitute our customer base. The young and intelligent customer increasingly expects to be able to access this world by the tool they use to manage their money daily. “

“We have responded to the specific request by going even further. We are also solving the complexities which are still typical of the most famous international exchanges”.

Read More: Scammers Impersonate WHO to Steal Bitcoin for COVID-19 Donations

The Platform Will Monitor the Currency Value in Real-Time

HYPE customers over the age of 18 will be able to open their wallets without needing any other identity document. However, the platform will follow the currency value in real-time and the trend of the last 24 hours as well as the previous months or years.

It also keeps customers informed. Commissions are not subject to the variability of the cost of miners which amounts to 2%. It is among the lowest on the market for purchase and sale transactions. In the event of a sale, the value of the Bitcoins sold will be transferred immediately.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment