Bitcoin Trading Service Launched by Italian Bank Mid Quarantine

The Italian bank Banco Sella recently set in motion a bitcoin trading service for its users. The bank has seen opportunity in the current quarantine situation in Italy, stating that citizens have a growing interest in crypto currency deriving from their isolation of outside activities.

And there might be empirical evidence that digital currency investments are on the rise, seeing the recent plummets of global stocks, yet one must tread carefully nonetheless.

As per the official statement of Banco Sella, they are offering their crypto coin trading services on the proprietary Hype platform, while also acting as an intermediary of transactions to diminish any associated risks. Hype has long been in the trading game, having meddled with a range of financial instruments including  CFDs and derivatives. There is currently a 1.2 million Hype customer base.

Although Hype itself is free, for transactions the platform will charge 1%. The bank has also limited daily purchases to 500 euros, while annual limits are 2.5k in euros. However, there are premium packages offering a higher cap on daily bitcoin purchases of up to 4 999 euros, with an increased annual  limit of 50k.

The General Manager at Hype, Antonio Valitutti, stated that

 “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.”