Italy's largest financial institution has made history by becoming the first bank in the country to venture into direct bitcoin settlement.
The bank executed a proprietary bitcoin transaction on Jan. 13, to the tune of 11 bitcoin (BTC) valued at 1 million euros, according to an internal memo seen by Cointelegraph on Monday.
The transaction was confirmed by the bank upon inquiries from several media outlets following a leaked email that surfaced online. However, Intesa did not provide any further insight into its strategic rationale for the move.
The transaction was first reported by Italian daily La Stampa, highlighting the development as a transformative step in the traditionally cautious banking landscape of Italy.
The acquisition marks a measured yet significant departure from the established norms of the sector as financial institutions slowly explore the potential of digital currencies.
With this purchase, Intesa Sanpaolo demonstrates a willingness to engage with the dynamic possibilities of the digital asset space, positioning itself as a trailblazer among Italian banks in the realm of cryptocurrency.
It now remains to be seen whether this step will pave the way for a broader institutional embrace of such investments within Italy. As of January 2025, Intesa Sanpaolo had total assets under management (AUM) of about €1.4 trillion.
The bank was formed on Jan. 1, 2007, through the merger of Banca Intesa and Sanpaolo IMI, a union that solidified its standing as a financial powerhouse. However, Intesa Sanpaolo's lineage extends far beyond its modern inception.
Its earliest known predecessor, Istituto Bancario San Paolo di Torino, was founded in 1563. This heritage spans an impressive historical arc of over 460 years, attesting to the institution's enduring influence and adaptability within the evolving financial world.
