Italian Banco Sella adds support for Bitcoin trading

Italian bank known as Banco Sella, which services over 1.2 million customers at this time, recently added support for Bitcoin trading services. The new move comes during the coronavirus pandemic which has plagued the entire world in less than three months, and so far, it has hit Italy the strongest.

According to the bank’s announcement, it will offer crypto trading services as part of its Hype platform. Meanwhile, the bank itself will act as an intermediary that would keep the service safe, and handle any risks that come as part of operating a cryptocurrency exchange platform.

As mentioned, the move comes at a difficult
time for Italy, as the coronavirus struck particularly hard in the northern
parts of the country. The bank now believes that the citizens, which are
currently stuck in their homes, are developing a growing interest in crypto.

The virus has already emerged in most
countries around the world, with only a few still being an exception. As such,
it also caused a crash of the global stock market, with investors entering
massive sell-outs in fear of the virus.

While the crypto market saw a crash of its own
for pretty much the same reasons, it is currently seeing a period of recovery,
and investments in digital assets seem to be a better option for a lot of
people. Even so, the market remains highly volatile, and investors are warned
of potential risks.

Crypto trading on traditional
bank’s platform

The bank will introduce crypto trading to 1.2
million of its customers that are currently using Hype, and who will now be
able to use cryptos for making transactions. Apart from crypto, Hype also
offers trading facilities with other financial instruments, such as CFDs and
derivatives.

Hype’s General Manager, Antonio Valitutti, commented on the move by saying that the crypto and Bitcoin markets are constantly arousing interest. This was particularly noticed among the bank’s own customer base, among young and smart individuals who expect to be able to access the world through the tool that they are already using on a daily basis.

The platform allows its users to link multiple
bank accounts, and it will let them purchase BTC directly from those accounts.
While the platform kept its service free so far, it will now start charging 1%
fee for each transaction. The current purchase limit on the platform is $536
(500 EUR), while the annual limit sits at $2,690.

The situation is slightly different for premium
clients, who can purchase around $5450 worth of BTC per day, and have an annual
limit of $53,611.