Founded in 1886, Banca Sella is one of the better-known banking institutions in Italy.
Its mobile banking platform called Hype now also includes a Bitcoin trading service as it operates with over 1.2 million citizens.
Hype customer service announced the following: “The service is currently in beta testing for a small group of Hype Plus (premium) customers. In a few days, it will be available to all customers.”
Now users do not need to have an exchange to buy or sell bitcoin because this service enables them to trade bitcoin directly on its Hype platform.
Italy is (as known) on a nationwide lockdown and the virus outbreak rages. Bank customers are finding it more and more difficult to send or receive funds from conventional financial providers. This could clearly send many to seek out solutions powered by cryptocurrencies such as bitcoin.
Hype will allow sending portions of bitcoins to all contacts in the address books of the clients. They will also be able to pay for purchases in “all cases where payment by cryptocurrency is allowed.”
In its promo materials, the Banca Sella introduced that the bitcoin wallet is “totally free,” and only involved “four steps.”
However, the bank has placed trading caps on its new services – with tiered daily and annual sales and buying caps.
The basic account’s “Hype Start” customers will be able to buy and sell a maximum of USD 2,700 per year. At the same time, all Plus and Premium account holders have their buying and selling rates are capped at around USD 54,000 a year.
Banca Sella’s move obviously summons many questions since the COVID-19 hit lots of countries worldwide, but none took a harder blow than Italy. The number of deaths in the country related to the virus surpassed even China with over 3,400 cases.
The Italian government is prepared for even more extreme measures, including extending the near-total lockdown.
With regard to this, the release of a Bitcoin trading service platform could seem as an odd move. However, as Italians are already stuck in their homes and are prohibited from regular socializing, opening up another means of payment and trading might be a profitable move.
In any case, Banca Sella’s Bitcoin trading platform, at least in the eyes of the cryptocurrency community, is quite a positive move in terms of mass adoption.
Sources: https://cryptonews.com/news/italian-bank-to-offer-bitcoin-trading-services-to-1-2m-custo-6080.htm https://tokenhell.com/italian-bank-banca-sella-bitcoin-trading-hype/ https://cryptopotato.com/private-italian-bank-enables-bitcoin-trading-to-its-1-2-million-customers/