Italy’s Largest Bank Intesa Sanpaolo Invests in Bitcoin
Intesa Sanpaolo, the largest bank in Italy, has recently entered the Bitcoin market by buying €1 million worth of the popular digital currency.
This amounts to about 11 BTC, according to an alleged internal email from Niccolo Bardoscia, head of the bank’s digital asset trading and investment division.
Although Intesa has not officially confirmed the purchase, reputable sources such as Reuters have reported on it.
This move follows a series of strategic actions by the bank in the digital asset space, which includes securing approval for spot crypto trading last year and offering crypto options, futures, and ETFs.
It is uncertain if this purchase is a sign of the bank’s expansion into the digital asset ecosystem. However, Pierre Rochard, the Vice President of Bitcoin Miner Riot Platforms, pointed out the significance of this move, as it shows that financial institutions are recognizing the potential of Bitcoin.
