Italy &#039, s Largest Banking Group Intesa Sanpaolo Buys$ 1 Million in Bitcoin

Intesa Sanpaolo, Italy’s largest banking party, has purchased 11 Bitcoin for almost 1 million dollars ( US$ 1 million ), becoming the first European banks to make a direct purchase in the blockchain.

Following guesswork that surfaced earlier in the day after an inner email from the party was leaked on the online website 4chan, the confirmation came from Intesa Sanpaolo’s media company.

The internet, reportedly signed by Niccolò Bardoscia, mind of the company’s Trading and Investment sector for Digital Assets, outlined the merger, according to a record by European crypto news outlet .

The bank group, per the statement, declined to provide more details about the purchase or its possible future plans involving Bitcoin. &nbsp,

The decision is still unsure whether it signals the group’s intention to expand into crypto services or if it is just an experimental investment in modern assets.

Intesa Sanpaolo did not immediately respond to Decrypt’s request for comment.

Intesa Sanpaolo has become a leader in the adoption of digital assets within Italy’s classic economic landscape with the purchase of the company.

Additionally, it makes its investment in response to the rise in global administrative involvement in Bitcoin.

Michael Saylor’s MicroStrategy and Japan’s Metaplanet have continued to ladle up the property back of President-elect Donald Trump’s inauguration next year.

Trump made the promise during the campaign trail to set up a national Bitcoin reserve, encourage innovation in the country, and lay out clear guidelines for businesses that operating in a clear manner.

According to , excitement is growing for Trump to ratify a political crypto council made up of around 20 business leaders in the first few hours of his next term.

Across the water

Current regulatory clarity and increased adoption by financial institutions in Europe have created a climate where conventional players are more eager to experiment with crypto technologies.

Intesa Sanpaolo, which has been researching blockchain and digital asset prospects for almost a decade, is definitely keeping an eye on advances in the United States and abroad.

In July 2024, the bank underwrote Italy’s first blockchain-based €25 million ($ 25.6 million ) digital bond issued by development bank Cassa Depositi e Prestiti on the Polygon blockchain. &nbsp,

In November, it has expanded its proprietary trading sector to contain crypto position trading, expanding on its earlier participation with options, prospects, and ETFs related to digital assets.