Banca Sella Introduces Bitcoin Trading via Hype Mobile App Amidst Rising Institutional Interest
Italy’s Banca Sella, one of the country’s oldest and most respected banks, announced that it will offer Bitcoin trading services through its mobile application, Hype. Initially targeting its Hype Plus users in beta testing, the service will soon be available to all 1.4 million Hype users. The Hype platform, developed as a collaboration between Banca Sella Holding and Illimity Bank, allows customers to buy, sell, and send Bitcoin directly within the app, circumventing the need for external exchanges. The bank cites annual trading limits: $2,700 for Hype Start accounts and $54,000 for Plus and Premium accounts. This move is timely, given the increased demand for alternative financial solutions due to COVID-19 lockdowns and growing institutional interest in cryptocurrencies. Despite recent market volatility, Bitcoin prices have been stabilizing, trading between USD 58,000 and 60,000. Hype users can also send Bitcoin to contacts and make purchases where cryptocurrency is accepted.
Bullish
The introduction of Bitcoin trading by a reputable bank like Banca Sella through its Hype mobile app is a significant step indicating growing institutional interest and adoption. This move could lead to increased market confidence and investment in Bitcoin, especially among traditional banking customers who may have been hesitant to use external exchanges. Despite recent market volatility, the stabilizing prices of Bitcoin around USD 58,000 to 60,000 suggest a bullish outlook as more institutions embrace cryptocurrency trading.