About 1.2 Million HYPE users can now enjoy Bitcoin trading services from Banca Sella.
Banca Sella, one of the oldest Banks in Italy, has launched its services on Bitcoin trading through its platform called HYPE. With this new move, the platform will function as a liaison to address and reduce any risks concerning bitcoin trading.
Info on the launch
Banca Sella’s HYPE platform, which has a customer base of 1.2 million, will be able to use cryptocurrency while conducting their business transactions with this new launch. Services will include sending Bitcoins to others as well as making purchases by paying in cryptocurrency, wherever possible.
This new addition on the platform is, however, in its beta testing stage. It is thus available to a select few HYPE Plus users at the moment. The period of testing should be completed in “a few more days, and it will be available to all customers”, according to the official website.
HYPE has introduced the initial offering of the service for free. However, customers will have to pay a transaction charge of 1 percent of all transactions as a commission on the platform.
Notably, the bank has set a daily purchase limit of 500€ (almost $536) and an annual limit of 2,500€ (about $2,685). However, for premium clients, a daily purchase limit of 4,990€ (around $5,350) worth Bitcoins is applicable with an annual limit of 50,000€ (equating to $53,611).
Speaking about this, Antonio Valitutti, General Manager at Hype, said: “The cryptocurrency and Bitcoin market, in particular, continues to arouse interest.” He stated that the bank’s customer base, “by definition young and smart”, expected to make use of the tool for money management on a daily basis.
Bitcoin trading launch amid Covid-19: A perfect timing?
it is remarkable that Banca Sella is set to launch its Bitcoin trading services at a time when the country is facing the brunt of the coronavirus pandemic. Italy records one of the highest death rates caused by the virus.
In the midst of the deadly spread of Covid-19, drastic measures are in place, including a lockdown which makes daily tasks impossible at the moment.
In this backdrop, some perceive the launch of the Bitcoin trading service as an odd move.
However, Banca Sella sees the launch of its services during the lockdown as an important step. This, indeed, seems like perfect timing as people are already in their homes and are restricted from movement. Thus, the launch of Bitcoin trading introduces another means of payment and trading, thereby increasing the citizens’ interest in cryptocurrency.
Although the digital market may have some risks on its own, Bitcoin investment appears to be a good option. This is especially becoming true with the current decline in the global stock markets.
Earlier this month, we covered how the Italian Red Cross is raising cryptocurrency donations to combat Covid-19.