Intesa Sanpaolo makes first spot Bitcoin buy

Investing.com — Intesa Sanpaolo (OTC:ISNPY) SpA, Italy’s largest banking group, has bought Bitcoin for the primary time in a spot transaction. The financial institution purchased roughly 1 million euros ($1 million) value of the cryptocurrency, marking its deeper foray into this asset class.

The acquisition was made on Monday, with the financial institution buying 11 Bitcoin, in accordance with Niccolò Bardoscia, the top of digital asset buying and selling and investments on the financial institution. Bardoscia revealed the data in an inner electronic mail, which later surfaced on the web discussion board 4chan. An Intesa spokesperson declined to touch upon the matter.

In November, Bloomberg had reported that Intesa’s crypto desk had acquired the required inner approvals and had arrange the technical programs wanted to conduct spot crypto purchases. In 2023, the financial institution had established a proprietary crypto buying and selling desk inside its company and funding banking division.

Earlier than this buy, the financial institution’s crypto actions have been restricted to buying and selling crypto choices, futures, and exchange-traded funds.

This growth comes as different main monetary corporations are additionally increasing their crypto operations.

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