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.
Sella’s Bitcoin trading offering highlights the growing interconnection between traditional finance and the crypto ecosystem.
Sella Offers Bitcoin Trading Via Hype
According to reports, Banca Sella will offer Bitcoin services on its mobile banking platform, “Hype.” Banca Sella plans to leverage the platform’s expansive user base of over 1.2 million customers to spread its Bitcoin trading services.
The service is beta testing for a selected group of exclusive customers (HypePlus). However, it will become available to all customers in just a few days.
A unique feature of the service is its ease of use and removal of complexities in trading. Users do not require an exchange to sell or buy Bitcoin; they can do this directly on the Hype platform via the service. The Bitcoin trading service from Banca Sella opens so many opportunities for Hype platform users.
First, they can leverage the platform to pay for goods and services across stores that allow crypto payments. Additionally, users can send portions of their Bitcoin to contacts in their address books.
The bank noted in its promotional video that the Bitcoin wallet is free for all users and requires four steps to create it. However, the bank has imposed trading constraints on its new services, with tiered daily and annual sales and purchasing limits. This structure helps users gain a well-balanced Bitcoin trading experience.
Customers with the basic “Hype Start” account can buy and sell Bitcoin worth $2,700 annually. For Plus and Premium account customers, buying and selling rates are set at approximately $54,000 per year.
Banca Sella’s Bitcoin moves come amid challenges in sending and receiving funds from conventional financial providers in Italy.
Firms Increasing Attention to Bitcoin
This might lead many people to seek solutions like Bitcoin to power their transactions. With its recent solution, Banca Sella now stands to benefit from the money that would flow through the Bitcoin market.
The adoption of Bitcoin by traditional firms became prominent in 2020, spearheaded by MicroStrategy’s decision to accumulate BTC.
The firm has since continued to grow its Bitcoin reserve, which now holds approximately 226,331 BTC, valued at almost $15 billion. MicroStrategy’s Bitcoin strategy has influenced other entities to enter the Bitcoin market.
For instance, 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 the footsteps of MicroStrategy, recently confirming a ¥500 million (about $3.4 million) Bitcoin purchase.
Influence of Spot Bitcoin on BTC Adoption
Moreover, the launch of spot Bitcoin Exchange-Traded Fund (ETF) in the US is also fueling increased adoption for the coin. Despite a decline in Bitcoin’s price in the second quarter of 2024, Bitcoin ETF holders surged by 30%.
This trend demonstrates a shift in institutional strategy toward digital assets, pointing to a broader adoption pattern that defies short-term market volatility.
