For the first time.. the largest bank in Italy buys an amount of Bitcoin from the spot market

Italy’s largest bank, Intesa San Paolo, bought an amount of about one million euros from the spot market for the first time, at a time when the bank is deepening its presence in the crypto-assets market.
Nicolo Bardoscia, head of the digital asset trading and investment sector at the giant Italian banking group, said in an internal email that the group purchased 11 Bitcoin units on Monday.
Bloomberg News Agency quoted the group’s CEO, Carlo Messina, as saying in statements to reporters on the sidelines of a conference in Milan on Tuesday, that this is “a very small amount, in light of our possession of a securities portfolio worth 100 billion euros. It is an experiment and a test.”

Technology for instant purchases

Last November, Bloomberg reported that Intesa’s cryptocurrency office had obtained the necessary internal approvals and put in place technical systems to make instant purchases of cryptocurrencies.

The Italian bank will establish a cryptocurrency trading desk within its corporate and investment banking division in 2023.
Until now, he has only traded the cryptocurrency options market, futures and exchange-traded funds.
Intesa’s entry into the spot cryptocurrency market comes at a time when financial institutions are expanding their investment in cryptocurrencies and the market structures that are developing around them.