Popular mobile banking platform Hype has introduced the ability to buy Bitcoin (BTC) in the app after partnering with fintech company Conio. The Italian Challenger Bank, which serves 1.2 million customers (2% of the country's population), offers customers the ability to buy, sell, spend, and save the world's largest cryptocurrency by market cap, saving them time and effort Saves using a stock exchange.
Banca Sella enters the Bitcoin business
Hype is a subsidiary of the banking giant Banca Sella, the first financial institution in Italy to offer e-commerce payments and an exclusive online account. Hype was introduced in 2015 and enables the legacy bank to reach a younger target group. The new Bitcoin trading service is an attempt to build on its popularity with a largely millennial audience.
Hype register for Milan crypto service Conio Development of a fully integrated Bitcoin wallet that allows users to have full access and control over their money ("Not your keys, not your coins" is a popular proclamation against crypto exchanges and custody accounts). Bitcoin can be bought at the push of a button via the customer's credit balance and the money can be transferred to other accounts without any problems.
Image: Team Conio
Conio's advanced storage solution uses three private keys for the wallet, one of which is stored offline on the user's smartphone, one on Conio's servers and a third by Hype. Two keys are required to authorize a transaction. This means that hackers cannot steal money and customers who lose their handset can access accounts again.
Buy Bitcoin from Lockdown
Given the country-wide blockade of Italy amid the COVID-19 pandemic and distrust of contaminated coins and banknotes, the introduction of a comprehensive bitcoin trading and custody service seems timely due to hype. According to Antonio Valitutti, CEO of the company, "Over 13% of our customers requested Bitcoin. We heard them and did our best to offer them the best solution."
"Banks shouldn't be afraid of cryptocurrencies, but can instead use them and let this sector grow," added Conio co-founder Christian Miccoli.
“People are becoming more and more careful about coins and paper money because they are feared can spread the disease. In this scenario, a digital currency may offer cleaner solutions for the future, ”added Conio co-founder Vincenzo Di Nicola.
As is currently the case with other currencies, the hype app provides users with real-time price data so that they can weigh up the advantages and disadvantages of buying Bitcoin at a certain point in time. The mining fee associated with each transaction is also displayed, with the bank claiming a 1% commission for all transactions. Daily purchases are limited to € 500 for Hype Start accounts and € 4,990 for Premium accounts. The annual limit is meanwhile € 2,500 or € 50,000.
Italians hug Bitcoin
Released according to a SEMRush report last yearBitcoin is the third most popular method for online payments in Italy. It surpasses American Express (AXP) and is only surpassed by PayPal (PYPL) and PostePay. Between October 2018 and September 2019, the digital currency was used more than 215,800 times a month. With the hype announcement, it's easy to see this number increasing, especially as the number of Italian retailers accepting BTC is increasing grows too.
Crypto advocates have long announced Bitcoin as the ultimate safe haven, an unchangeable, incorruptible hedge against aggressive, expansive monetary policy by central banks. And with major liquidity packages to fight COVID-19 announced – including a $ 3.6 billion stimulus package in Italy – the deflationary decentralized currency could prove popular with Hype's young, tech-savvy population. Bitcoin has reclaimed 46% of its price Since the frenzy of sell-off last week, investors have been watching the performance with interest given the slowdown triggered by the corona.
Image sourced from Pixabay