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Italy’s Largest Bank Reveals Bitcoin Investment
Intesa Sanpaolo, the largest banking group in Italy, has made a significant move by acquiring 11 Bitcoins worth approximately $1.25 million. This acquisition marks a first for an Italian bank and indicates that even traditional financial institutions are taking notice of the growing cryptocurrency market.
The investment was revealed through an internal email from Niccolò Bardoscia, head of Intesa Sanpaolo’s Trading and Investment division for Digital Assets. Although the bank has chosen not to provide further information on its motivations behind this decision or any potential future strategies involving digital assets, this move represents a significant breakthrough in the global adoption of Bitcoin.
It is worth noting that Intesa Sanpaolo had been actively exploring blockchain and digital asset opportunities prior to this purchase. In July 2024, the bank underwrote Italy’s first blockchain-based €25 million ($25.64 million) digital bond issued by development bank Cassa Depositi e Prestiti on the Polygon blockchain. Additionally, in November, it expanded its proprietary trading division to include cryptocurrency spot trading, building on its earlier involvement with options, futures, and ETFs tied to digital assets.
This acquisition is significant as it marks a new milestone for the cryptocurrency sector in Italy. It positions Intesa Sanpaolo as a leader in digital asset adoption within the nation’s traditional financial landscape and may influence other financial institutions in Italy to consider similar ventures into the cryptocurrency market.
Source: fullycrypto.com
