Italian Bank Launches ‘Hype’ Bitcoin Trading Service in Wake of the Coronavirus Outbreak
The Coronavirus (COVID-19) pandemic has inevitably sparked innovation and caused an increase in adoption of some markets sooner than we expected. An Italian bank, Banco Sella, recently launched a BTC trading service in a bid to deal with the tough financial times.
This move is not unprecedented, given the country has been hit the most by COVID-19 in Europe. Banco Sella will now allow over 1.2 million users who registered with their platform dubbed ‘Hype’ to buy and sell Bitcoin. In addition, they will be able to use this digital asset for payments of goods and services. The bank is optimistic that capitalizing on the growing BTC interest while the country is on lockdown will yield a positive ROI in the future.
Hype’s General Manager emphasized on the significance of tapping into this market;
“The cryptocurrency and Bitcoin market in particular continues to arouse interest, especially among the public that constitutes our customer base — by definition young and smart and who, increasingly, expect to be able to access this world through the tool that they use to manage money on a daily basis.”
Will Digital Currencies Help in Curbing Coronavirus (COVID-19)?
The world is at an uncertain point as COVID-19 cases increase by the day. This has forced some countries to take radical measures like lockdowns while others are on the frontline of research and development to fight the virus.
Given the situation, a country like Kenya has moved to incentivize its citizens to use M-Pesa services. The leading mobile provider, Safaricom, announced that sending amounts below $10 will be free while it increased transaction limits to $1500 from $700 per transaction. This initiative has seen Kenya’s average use of mobile money rise from $1.5 to $3.5 within the last five days.