Described as a test, Intesa Sanpaolo’s move focuses on allowing the bank to meet potential client requests. After creating a proprietary trading desk for digital assets in 2023 and starting to manage spot trades with cryptocurrency in 2024, the financial institution now acquired 11 Bitcoins, as seen by Reuters in an internal memo. Commenting on the news, representatives from Intesa Sanpaolo underlined that, despite this move, the bank will not become a Bitcoin participant. However, as it currently has clients that may ask for this type of investment, Intesa Sanpaolo wants to serve their needs and demands by having a presence in the market.
Furthermore, Intesa considers the trade as a test, with officials adding that the financial institution had limited room for investment in crypto assets. Additionally, the bank examined how to manage any potential requests from clients, highlighting that if it moves forward with this offering, there are set to be strict limits and clients will have to prove that they understand the possible risks. Intesa Sanpaolo’s representatives urged non-professional investors, as well as households, to not invest in cryptocurrencies.
As detailed in a report by the Blockchain and Web3 Observatory of the School of Management of the Politecnico di Milano, the crypto asset sector in Italy is currently on a growth path, with nearly 3.6 million individuals owning virtual currencies. Despite this, only 30% of them hold in-depth knowledge of the industry, in turn underlining the need for more education and awareness on the subject. The research uncovered that 41% of Italian crypto asset holders leverage these currencies as a form of investment and 18% of them utilise them to purchase products or services online.
However, regardless of the scaling interest, the potential risks linked to crypto assets are also substantial, with 50% of Italians who had virtual currencies reporting negative experiences. The main issues reported were inadequate services, phishing attacks, as well as problems with payments made with cryptocurrencies or during the purchase process.
Individuals across Italy have started utilising crypto assets for several purposes, legitimate or illegal. Legal use cases include financial transactions, investments, payments for goods and services, tokenisation of assets, and participation in DeFi projects. On the other hand, some individuals leverage crypto assets illegally, conducting money laundering, and terrorist financing, as well as the buying and selling of illicit assets.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now