Amidst Coronavirus Lockdown, This Italian Bank Facilitates Bitcoin Trading Service

Italy has been one of the most-infected countries with the Coronavirus pandemic and has registered the highest number of deaths with the total tally going above that of China. While the country is in a complete lockdown state, banking services have been severely disrupted.

In such a situation, Italy’s Banco Sella has decided to launch its Bitcoin trading service for the Italian citizens. The Bitcoin trading services shall be facilitated using the bank’s Hype platform.

The Italian bank here shall act as an intermediary to reduce any potential security risks associated with other crypto trading platforms. The bank said that it is capitalizing on the growing interest for Bitcoin as a safe way to transfer money globally in the situation of a crisis.

Currently, the Banco Sella’s Hype platform has over 1.2 million customers using this platform for daily transactions. Now apart from just buying/selling Bitcoins, these customers will also be able to pay for the goods and services using Bitcoin.

Antonio Valitutti, General Manager at Hype said: "The cryptocurrency and Bitcoin market in particular continues to arouse interest, especially among the public that constitutes our customer base — by definition young and smart and who, increasingly, expect to be able to access this world through the tool that they use to manage money on a daily basis.”

Italy has been one of those nations adopting blockchain on a faster scale. Over the last few months, the Italian institutions have shown a rapid growth in adopting the decentralized ledger technology.

During a recent election in the Naples city, the administration implemented a blockchain-based electronic voting system. Besides, two Italian high schools have also started offering courses such as diplomas on blockchain.

Additionally, a Milan-based startup Conio announced that they will be offering an additional Bitcoin wallet on the Hype platform. this includes buying/selling along with the safe storage of digital assets.

Besides, Conio has also clarified that it won’t be asking for any additional documents like the KYC to carry out any sort of Bitcoin-related activity.