Banca Sella Incorporates Bitcoin (BTC) Trading Into Its Services, Targeting Crypto Investors and Enthusiasts

Banca Sella, one of Italy's oldest banking institutions, has announced the incorporation of Bitcoin (BTC) trading into its services. With the creation of this service, Banca Sella now welcomes a wider range of users, including crypto investors and enthusiasts.

Banca Sella, Italy’s third-oldest banking institution, has announced a new service that will allow Hype users to trade Bitcoin (BTC).

What’s the Hype about Bitcoin?

Banca Sella has created a unique service that will integrate Bitcoin trading into its mobile banking platform, Hype. This service aims to cater to a broader audience, including crypto investors and enthusiasts, by offering an accessible entry point into the world of digital assets.

Sella’s Bitcoin service will be available to Hype users through an intuitive interface. The platform boasts over 1.2 million customers, making it a prime channel for introducing Bitcoin trading services.

The service is currently in beta testing for a select group of HypePlus customers but will be rolled out to all customers in a matter of days.

Banca Sella’s service streamlines the Bitcoin trading process, eliminating the need for users to visit an exchange to buy or sell the cryptocurrency. Instead, they can complete these transactions directly within the Hype platform.

This seamless integration opens up a wide range of possibilities for Hype users. They can now use Bitcoin to pay for goods and services at any store that accepts crypto payments.

Furthermore, users can easily send portions of their Bitcoin to contacts in their address books.

In its promotional video for the service, the bank highlights that everyone can create a Bitcoin wallet in four simple steps and that the service is completely free to use.

However, the bank has imposed trading restrictions on its new service, with tiered daily and annual limits for selling and buying the cryptocurrency. This structure is designed to provide a balanced Bitcoin trading experience for users.

Customers with the basic “Hype Start” account can buy and sell up to €2,500 (about $2,700) in Bitcoin per year.

For Plus and Premium account customers, the buying and selling rates are set at about €50,000 (around $54,000) per year.

Banca Sella’s move to integrate Bitcoin trading comes at a time when conventional financial service providers in Italy face challenges in sending and receiving funds.

This scenario might lead many to seek alternatives like Bitcoin to power their transactions. With its latest offering, Banca Sella stands to capitalize on the funds flowing through the Bitcoin market.

Firms paying more attention to Bitcoin

This year has seen a surge in traditional firms’ interest in Bitcoin, largely driven by MicroStrategy’s decision to begin accumulating BTC in 2020.

The firm has since continued to grow its Bitcoin warchest, which now holds approximately 226,331 BTC, valued at almost $15 billion. MicroStrategy’s strategy in Bitcoin has influenced other entities to enter the Bitcoin market.

For example, South Korea’s National Pension Scheme (NPS) entered the Bitcoin market by purchasing a $33.7 million stake in MicroStrategy (MSTR).

Japan’s Metaplanet is also following in MicroStrategy’s footsteps, having recently confirmed a ¥500 million (about $3.4 million) Bitcoin purchase.

Furthermore, the launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the US is also boosting institutional adoption for the coin. Despite a decline in Bitcoin’s price during the second quarter of 2024, Bitcoin ETF holders surged by 30%.

This trend indicates a shift in institutional strategy toward digital assets, suggesting a broader pattern of adoption that extends beyond short-term market movements.

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