Italian banking institution Banca Sella has announced the introduction of Bitcoin trading services on its mobile banking platform, Hype.
Banca Sella, leveraging its historic reputation, announced on Monday its entry into the crypto market. The bank, which currently serves 1.4 million customers, will gradually roll out Bitcoin (BTC) trading services to its users.
The new service, currently in beta testing for Hype Plus customers, will soon be available to all Hype users. It allows clients to buy, sell, and send Bitcoin directly within the app, eliminating the need for external exchanges. Users can perform transactions and make purchases wherever cryptocurrency payments are accepted.
Trading limits
To manage risk, the bank has implemented trading limits: Hype Start accounts are capped at $2,700 annually, while Plus and Premium accounts have a $54,000 limit.
This move comes amidst Italy’s stringent lockdown measures due to the COVID-19 pandemic, which has driven increased demand for alternative financial solutions.
This development is part of a broader trend of institutional adoption of cryptocurrency. Global financial institutions like J.P. Morgan Chase, BlackRock and Greyscale have all embraced pro-crypto practices, notably in the form of spot BTC ETFs.
