Banca Intesa Sanpaolo has become the first Italian bank to invest in cryptocurrency by purchasing 11 bitcoins, worth approximately €1 million. This event has attracted attention from both the banking and cryptocurrency communities.
First Bitcoin purchase by an Italian bank
According to a Wired Italia report, Banca Intesa Sanpaolo purchased 11 bitcoins, becoming the first Italian bank to invest in cryptocurrency. The purchase was valued at around €1 million or $1.02 million. This occurred following an information leak on the platform 4chan, where screenshots of emails confirming the purchase were published.
Details of the information leak
A screenshot of an email exchange was posted on 4chan, where Niccolò Bardoscia, head of digital assets trading & investments at Intesa Sanpaolo, announced the successful purchase of 11 bitcoins, thanking the team for their collective effort. Banca Intesa Sanpaolo has confirmed the authenticity of the information but has not disclosed additional details about the purchase.
Reaction and implications for Italy's financial sector
The news of Banca Intesa Sanpaolo's bitcoin purchase has garnered interest, yet no other major Italian banks have announced any cryptocurrency investments. Previously, in November, Intesa Sanpaolo expanded its digital asset products to include spot trading for cryptocurrencies.
Banca Intesa Sanpaolo's investment in bitcoins may be a significant step towards integrating cryptocurrencies into Italy's financial institutions. It remains unclear whether the bank plans to expand its cryptocurrency investments in the future, but this event highlights a growing interest in digital assets among major banks.
