Private Italian Bank Enables Bitcoin Trading To Its 1.2 Million Customers
The latest Bitcoin adoption news came from one of the oldest Italian banks – Banca Sella. The bank launched a Bitcoin trading service conducted on its platform called Hype. The beta testing should be done within the next few days, and the service will be online for all customers.
Bitcoin Trading Available to 1.2M Italians
Founded in 1886, Banca Sella is among the well-known banking institutions in Italy. Its Hype platform, which now includes a Bitcoin trading service, already operates with over 1.2 million citizens.
The platform’s new addition is currently in beta testing stages available only to a small group of clients.
According to the website, the testing period should be completed in “a few more days, and it will be available to all customers.”
Once the Bitcoin trading service is live, the bank will act as an intermediary to reduce potential security risks with cryptocurrency exchanges.
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.”
The website also outlines an easy to navigate user face and a simple method of sending or receiving the required amount of bitcoins. Interestingly enough, Hype will also showcase the mining fee for each Bitcoin transaction.
It’s worth noting, though, that the bank will be charging a 1% commission on all of the transactions.
Good Timing?
Banca Sella’s move appears in a rather compelling time. The novel COVID-19 (coronavirus) 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.
As a result, the government prepared for even more extreme measures, including extending the near-total lockdown.
Needless to say, even regular day-to-day tasks as purchasing food or supplies are not possible at the moment.
As such, releasing a Bitcoin trading service platform during a nation-wide lockdown may appear to some as an odd move. However, as people are already in their homes, and they are prohibited from regular socializing, opening up another means of payment and trading might be a convenient 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.
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