The current global pandemic has nudged Banca Sella, a large Italian bank, into opening up a Bitcoin trading platform for their 1.2 million customers in Italy.
In the wake of Covid-19, the new platform coined “HYPE BITCOIN” is the first Bitcoin buying and selling service offered by major Italian bank as a wallet fully integrated into the customer's account, which gives the total safekeeping, and therefore real ownership, of the currency.
According to an Italian press release, the wallet totally integrated into a customer's account which gives the total custody and therefore real ownership of the currency thanks to a three-key system. The service was the result of cooperation between the Italian fintech company Conio and the bank.
From a survey conducted by HYPE on a representative sample of its user base, it emerged that among the services desired by customers, 13.5 per cent indicated an interest in trading cryptocurrencies.
Antonio Valitutti, General Manager of HYPE, commented:
“The cryptocurrency and Bitcoin market in, particular, continues to arouse interest. Especially among the public that constitutes the ‘young and smart' demographic.
“We, therefore, responded to the specific request going even further, that is, solving the complexities that are still typical of the best-known exchanges International.”
“We have identified, in Conio's technology and experience, the way to offer not only the possibility of buying and selling Bitcoin in an extremely simple and immediate way but, above all, the opportunity to offer our customers total custody and therefore real ownership of the currency, thanks to a sophisticated three-key security system.
“What our team is most satisfied with is that HYPE Bitcoin is a proposal that goes perfectly with both the curiosity of those who want to approach and experiment access to the world of the most widespread and well-known cryptocurrency, both with the needs of a more professional audience “.
Normally to be effective on the blockchain, a transaction must be authorized by one or more keys, generally in the possession of the user or the exchange, or wallet on which the operation is ordered.
The limit of this system is that, in the event of loss, theft of the device in which the key is generated of the user, death of the owner or any other fact that prevents him or her from using it, the Bitcoins in his possession they are no longer recoverable.
The sophisticated three-key system of integrated technology allows the customer to HYPE Bitcoin, unlike what happens through traditional exchanges, to actually hold the custody, and therefore the ownership of the currency, ensuring security against hacker attacks, identity theft or loss.
The customer has control of his or her private key and neither Conio nor HYPE can handle Bitcoin on its behalf. The first key is for the exclusive use of the customer, it is generated and encrypted on the access device so that no one else can use it. The second is kept by Conio and created only for each individual account to complete the transactions associated with it. The third key is one that allows the user to recover access to his or her portfolio in the event of loss of credentials and is kept by HYPE in a protected archive that is not connected to the network.
By entering the “Features” section, HYPE customers over 18 will be able to open their wallets without the need for any further identification.
The platform will monitor the value of the currency in real-time and the trend in the last 24 hours as well as in the last few months or years to keep clients informed and commissions are not subject to the variability of the cost of miners standing at 2 per cent, which is among the lowest on the market for purchase and sale transactions. In the event of a sale, the transfer of the value of the Bitcoins sold will be immediate.
Also published on Medium.