Permanent link for this post: Intesa Sanpaolo acquires bitcoin in deal worth more than $1 million
A financial institution becomes the first Italian bank to directly use #digital assets
The value of #BTC will more than double by 2024
Intesa Sanpaolo, Italy's largest bank, has acquired #bitcoin for $1.03 million. As of today, January 13, 2025, the bank owns 11 bitcoins. Intesa Sanpaolo has become the first Italian bank to be directly involved with cryptocurrencies.
Although it was initially a widespread rumor, local newspaper Wired Italia recently confirmed that Italy's largest banking giant has indeed taken the plunge into bitcoin.
An internal memo states that the financial institution has decided to invest in the world's largest digital currency and make its first proprietary bitcoin transaction. Intesa will set up its own digital asset trading desk in 2023 and began spot trading #cryptocurrency last year.
The news first emerged after a bank employee leaked an internal email to image-sharing platform 4Chan. Following the leak, Niccolo Baldoschia, Intesa Sanpaolo's head of digital asset trading and investment, officially confirmed the acquisition in an email to the media, stating that the bank now owns 11 BTC.
Although Mr. Baldoschia confirmed the purchase, the bank did not disclose the exact reason for the BTC acquisition. Therefore, it is still unclear whether the purchase was made in order to diversify Intesa Sanpaolo's investment portfolio or it was a pilot project to provide cryptocurrency services.
The acquisition is not the bank's first experience with blockchain. Last July, Intesa Sanpaolo, together with state-owned bank Cassa Depositi e Prestiti SpA, issued $25.7 million worth of digital bonds on the Polygon network.
In addition, Intesa Sanpaolo added a spot trading function to its cryptocurrencies. expanded its range of services.
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