Italian Bank Opens Bitcoin Trading Platform, Coronavirus Death Toll in Italy Tops China

On Mar 20, 2020 at 7:08 pm UTC by Steve Muchoki · 3 min read
Italian Bank Opens Bitcoin Trading Platform, Coronavirus Death Toll in Italy Tops China
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Italian bank Banca Sella is now offering its 1.2 million customers the ability to trade Bitcoin through their accounts, using a platform called Hype platform.

An Italian bank Banca Sella has come to the rescue of the local people to offer a Bitcoin trading platform, as Italy struggles to contain the contagious coronavirus. According to a statement by the bank, it will now provide its 1.2 million customers with a platform to trade Bitcoins with their available balances. Banca Sella has named the platform as, Hype platform.

It is evident this is not a new program in Italy where its people can exchange fiat for Bitcoins, however, the Hype platform is promising its customers a different taste in the market. The Hype platform will allow the users to buy Bitcoins with the bank acting as an intermediary to mitigate any kind of fraud or risk associated with crypto exchanges.

The bank is strategically placing its operations to minimize the cost of operation as coronavirus makes fiat money less favorable. With the world leaders during the UN meeting asking a more reduction in transaction fees during these times of virus pandemic, the Banca Sella will be a favorable place for Italians who want to do international cross-border payments.

As the week comes to an end, the crypto sphere led by their mother coin, Bitcoin, has shown greater tenacity to regain the bull rally. At the time of writing, Bitcoin was trading at slightly above $6,400, after rising approximately 18.49% in the past seven days.

Its market cap, on the other hand, has tremendously risen after the March 12, huge free fall. At the time of writing it had hit slightly above $117.5 billion as the 24-hour volume was almost half that. This implies that bitcoin is actively denying the coronavirus effect and probably regaining its ‘safe haven’ title.

With the halving approaching fast, the huge adoption of Bitcoin by institutions will make its market price skyrocket, and as you know, it carries with it the top altcoins (ETH, XRP) in the bull rally.

Coronavirus Push Italy to Evolve Fast and to Become More Open to Bitcoin

Italy has been the country second-most hit by the novel coronavirus after the ground zero for the virus, China. With the total death toll globally fixing above 8,700 at the time of writing, Italy has a share of more than 3,400 deaths. The number has even surpassed the Chinese death toll, leaving a critical question, is the Chinese government giving the right figures to the public, or are the Italians more susceptible to the virus than the Chinese?

It is a question that might remain unanswered, but leave the Italians with no option other than totally locking down most parts of the country. It is worth noting that Europe has seen it’s the death due to coronavirus rise drastically to over 5,000 at the time of writing. However, to close on a positive note, there are more hopes that a possible vaccine is on the way sooner than ever.

Bitcoin News, Cryptocurrency news, News
Steve Muchoki
Author: Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery!

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