Italy's largest banking group enters the crypto world: a shocking first direct investment!

Crypto News - Posted on 15 January 2025 Reading time 5 minutes

DIGIVESTATION - Banca Intesa Sanpaolo Purchases 11 Bitcoins in Historic Transaction. Banca Intesa Sanpaolo, Italy's largest bank by assets, purchased 11 Bitcoins on Monday, valued at approximately €1 million ($1.02 million). This purchase marks the first time a financial institution in Italy has made a direct cryptocurrency transaction, according to a report from Wired Italia.

 

Several employees from the bank had previously disclosed the purchase and sale of cryptocurrencies on the 4Chan forum website. "As of today (Monday), Intesa Sanpaolo holds 11 Bitcoins. Thanks to the entire team," stated Niccolò Bardoscia, head of digital asset trading and investment at Intesa Sanpaolo, in an official letter.

 

However, Bardoscia did not provide further details regarding the bank's decision to choose Bitcoin or the crypto strategy it plans to pursue in the future. It remains unclear whether this move signals that the bank intends to expand its crypto services.

 

Last November, Intesa Sanpaolo expanded its digital asset desk services to include spot crypto trading. Previously, the bank had only traded crypto options, futures, and exchange-traded funds. However, spot trading has not yet been actively conducted.

 

Based in Milan, Intesa Sanpaolo is also collaborating with Ripple Custody (formerly Metaco) to facilitate tokenized asset custody services. This step reflects a growing trend among traditional financial institutions that are exploring the world of cryptocurrencies.

Source: cryptonews.com

What do you think about this topic? Tell us what you think. Don't forget to follow Digivestasi's Instagram, TikTok, Youtube accounts to keep you updated with the latest information about economics, finance, digital technology and digital asset investment.

 

DISCLAIMER

All information contained on our website is summarized from reliable sources and published in good faith and for the purpose of providing general information only. Any action taken by readers on information from this site is their own responsibility.