Summary

Banca Sella, a prominent banking group in Italy, is testing crypto custody solutions for its employees. The pilot program leverages Fireblocks’ technology and is expected to last until the end of summer. After the trial, the bank will determine if the custodial services will be available to its 1.4 million clients, who currently hold over €66 billion (approximately $77.5 billion).

Details of the Trial

• The initiative is limited to custody services, excluding any trading capabilities.
• Following the completion of the trial, Banca Sella executives will review the results to decide on next steps.

Context

No trading of volatile assets like Bitcoin is planned during this trial according to the available reports. This comes amid a broader push for banks in Europe to engage with cryptocurrencies, spurred by clearer regulatory frameworks. For instance, Intesa Sanpaolo has launched a spot bitcoin desk recently, while UniCredit is eyeing a capital-protected note linked to a Bitcoin ETF.

More details can be found in the Bloomberg report.