One of the main Italian banks, Banca Sella, has started offering Bitcoin trading services through its unique platform called Hype, while the coronavirus pandemic continues to weaken the country, forcing the entire nation to be almost completely blocked.
With the national debt growing and the constant increase in the death toll due to the spread of the coronavirus, it seems that Italy does not have many positive news to share or prospects to look to the future at the moment. However, this news item may be an exception to the rule.
Unlock Bitcoin trading at a time of economic blockade in the country
In response to those who continue to belittle Bitcoin for its inability to prove a safe haven, especially in times of economic crisis and in view of the possible coming of the next great recession, the Italian Banca Sella has decided to make its move.
The bank has created an innovative platform for its XNUMX million users that will allow the purchase and sale of Bitcoin without having to access any of the cryptocurrency exchanges such as Binance, Bitcoin Pro or eToro.
The platform, which bears the name of Hype, is already very active and popular and boasts of its functionality in cryptocurrency trading, in addition to its already operational financial instruments such as derivatives and CFD trading. Users can also get their Bitcoin wallet before starting Bitcoin trading by completing a simple and straightforward registration process.
The highlight is that the bank will only act as an intermediary while users will retain full control of their portfolios. This feature is particularly interesting for many potential traders who are wary of cryptocurrency exchanges that are known to be an easy target for hackers around the world, and in fact have lost billions of dollars in hacks last year.
The Bitcoin wallet will be directly linked to their Hype accounts, thus eliminating the need to top up another wallet or generate a separate one using other platforms. Users can continue with Bitcoin trading as long as they have a sufficient balance in the Hype account.
The new service has limits
There is only one small problem. The bank has imposed some limits. Once the user reaches that limit, he will be asked to perform an update to continue trading in Bitcoin.
Over the time of this update, the price of Bitcoin could drop significantly. However, due to rising inflation which has drastically reduced the purchasing power of fiat money, Bitcoin acts as a reliable and time-tested agent for effective value transfer worldwide.
The fact that it is deflationary and unaffected by third parties makes it an interesting resource for many if the economy deteriorates if the virus is not contained early enough.