Even the big Italian banks are buying Bitcoin. Intesa Sanpaolo has bought 11$BTC for a value of approximately 1 million euros, marking the first direct transaction in physical crypto by a bank in our country. The operation represents a crucial moment for the banking sector, opening new perspectives in the integration between traditional finance and the crypto world.
“It was just a matter of time,” said Manandelli, managing partner of CheckSig. “Intesa Sanpaolo’s proprietary crypto trading desk, which has been active for two years now, has until now operated on traditional instruments, such as ETPs. This first direct investment in$BTC physical ‘breaks a wall’, marking a symbolic and operational turning point, also made possible by the Mica regulation, which offers a regulated framework for banks’ access to the crypto market”.
Mandelli highlighted that the economic value of the operation, equal to approximately 1 million euros, is symbolic compared to the size of the Intesa group, but the real news is in the path taken: regardless of the amount, the bank demonstrates that it has activated the operational processes necessary to deal with cryptocurrencies, paving the way for further future services.
“This initiative is not an isolated case. Other Italian and European banks are preparing similar moves. Proprietary trading is just the beginning: the goal is to offer innovative services to end customers, such as wallets, trading and taxation,” added Mandelli. According to the Oam (Organismo Agenti e Mediatori), over two million Italians have an account at a crypto exchange and their crypto assets are estimated at around 2 billion euros.
“If, as BlackRock suggests, even just 2.5% of savers’ portfolios were allocated to Bitcoin, the Italian crypto market could be worth over 150 billion euros, an increase of two orders of magnitude compared to the current value. It is not surprising that all institutions are studying an ad hoc offer,” concluded Mandelli.
SOURCE: wallstreetitalia.com
