1. Sella Offers Bitcoin Trading Via Hype
2. Firms Increasing Attention to Bitcoin
3. Influence of Spot Bitcoin on BTC Adoption

Banca Sella, one of Italy’s oldest banking institutions, has announced the incorporation of Bitcoin trading into its services through its mobile banking platform Hype.

Sella Offers Bitcoin Trading Via Hype

According to reports, Banca Sella will offer Bitcoin services on its mobile banking platform, Hype. Banca Sella plans to leverage the platform’s expansive user base of over 1.2 million customers to spread its Bitcoin trading services. The service is beta testing for a selected group of exclusive customers (HypePlus). However, it will become available to all customers in just a few days. A unique feature of the service is its ease of use and removal of complexities in trading. Users can buy and sell Bitcoin directly on the Hype platform without requiring an exchange. Banca Sella’s Bitcoin services open many opportunities for Hype platform users, including paying for goods and services across stores that allow crypto payments, and sending Bitcoin to contacts in their address books. The bank noted in its promotional video that the Bitcoin wallet is free for all users and requires only four steps to create it. However, the bank has imposed trading constraints on its new services, with tiered daily and annual limits on sales and purchases. Customers with the basic Hype Start account can trade Bitcoin up to $2,700 annually. For Plus and Premium account customers, buying and selling rates are set at approximately $54,000 per year.

Firms Increasing Attention to Bitcoin

The adoption of Bitcoin by traditional firms became prominent in 2020, spearheaded by MicroStrategy’s decision to accumulate BTC. The firm has continued to grow its Bitcoin reserve, which now holds approximately 226,331 BTC, valued at almost $15 billion. MicroStrategy’s Bitcoin strategy has influenced other entities to enter the Bitcoin market. For instance, South Korea’s National Pension Scheme (NPS) entered the Bitcoin market by purchasing a $33.7 million stake in MicroStrategy. Japan’s Metaplanet is also following in the footsteps of MicroStrategy, recently confirming a ¥500 million (about $3.4 million) Bitcoin purchase.

Influence of Spot Bitcoin on BTC Adoption

Moreover, the launch of spot Bitcoin Exchange-Traded Fund (ETF) in the US is also fueling increased adoption for the coin. Despite a decline in Bitcoin’s price in the second quarter of 2024, Bitcoin ETF holders surged by 30%. This trend demonstrates a shift in institutional strategy toward digital assets, pointing to a broader adoption pattern that defies short-term market volatility.

Banca Sella has joined the ranks of traditional financial institutions implementing cryptocurrency services. By launching Bitcoin trading on the Hype platform, the bank is opening new opportunities for its users, promoting further cryptocurrency adoption in Europe.