The COVID-19 has unleashed extensive damage to the World’s economy, however, in the middle of the pandemic outbreak, there is a rise in crypto demand. Many countries are using blockchain technology and cryptocurrency to defend their economies and stock markets from the strick of the virus.
Italy, the most affected European country with a 3,405 death toll and approximately 41,000 infected cases, has utilized blockchain technology to fight back. Earlier it was reported, the Italian charity organization, Red Cross, has introduced a blockchain platform to collect donations to combat the disease.
Italy’s Bank Introduces New Service
Sella, an Italian bank, has introduced a new service to trade bitcoins. People are looking for secure and well-protected service to transfer payment, as everyone stuck at home after the lockdown. To secure crypto trading, the bank is playing the role of mediator, and to transfer crypto, the Hype platform is utilized.
In addition to bitcoin trading, the platform also allows users to buy and sell goods using BTC. It is reported that more than 1 billion have already used the service.
Hype general manager, Antonio Valitutti said,
“The cryptocurrency and Bitcoin market in particular continues to arouse interest, especially among the public that constitutes our customer base — by definition young and smart and who, increasingly, expect to be able to access this world through the tool that they use to manage money on a daily basis.”
To further support the Hype platform, Cino announced to offer an additional wallet. Moreover, the service explains that they do not need extra files or KYC to handle BTC trading.
Although there’s a massive meltdown in the crypto market, in recent months, blockchain and cryptos have been broadly adopted. In Naples, the blockchain platform is used for E-voting. Also, an announcement was made by two Italian institutions to adopt a blockchain technology to record diplomas.