The institutional Bitcoin adoption initiated by MicroStrategy founder Michale Saylor is setting an example for the entire world.
At this point, while many companies are purchasing BTC, the latest news came from Italy.
Accordingly, Italy's largest bank, Intesa Sanpaolo, purchased 11 BTC and became the first Italian bank to invest directly in crypto money.
According to the report by Italian media outlet Criptovaluta, the country's largest banking group, Intesa Sanpaolo, purchased 11 BTC worth 1 million euros.
While the acquisition is the first direct investment in cryptocurrency by an Italian financial institution, it remains unclear whether the move is a sign of the bank’s intention to expand into crypto services or is simply an exploratory investment into crypto.
The bank also invested in Italy’s first blockchain-based digital bond, worth 25 million euros ($25.6 million), to be issued on the Polygon blockchain by development bank Cassa Depositi e Prestiti in July 2024, the bank said.
*This is not investment advice.
