January 29, 2025
Michele Mandelli
Michele Mandelli, Managing Partner CheckSig
Intesa Sanpaolo, Italy’s largest banking group, has purchased 11 Bitcoins for approximately 1 million euros, marking an Italian bank’s first direct transaction in physical cryptocurrency.
On January 13, 2025, Intesa Sanpaolo (one of Italy’s major banks) made its first direct investment in Bitcoin, purchasing 11 BTC for approximately €1 million. CEO Carlo Messina described the transaction, carried out through the institutional trading platform of Boerse Stuttgart Digital (a German exchange), as an “experiment.” This symbolic step prepares the bank for future demand from sophisticated clients.
Intesa Sanpaolo is no stranger to the world of cryptocurrencies. In February 2023, the bank established a desk dedicated to proprietary trading of digital assets. Until now, its focus has been on traditional instruments such as ETPs, options, and futures that track crypto market performance. The bank made these investments for its portfolio and not on behalf of its retail customers.
While Carlo Messina called the Bitcoin investment negligible compared to the bank’s €100 billion securities portfolio, the move required Intesa to implement complex risk management, accounting, and compliance processes. These systems are now operational and can support larger investments in the future.
Buying Bitcoin is one thing, but securely storing it is no less important. Unlike stocks held in the owner’s name, Bitcoin is a bearer asset, akin to physical gold. This means it can be stolen, and when lost, it’s nearly impossible to recover. For this initial purchase, Banca Intesa delved into advanced security technologies, such as multi-signature solutions, to ensure that only authorized personnel can access the crypto assets.
We at CheckSig care deeply about this challenge. For this reason, years ago, we introduced CheckSig Clear, a security standard designed to address such issues.
Intesa Sanpaolo’s Bitcoin investment raises questions among its clients. Why can the bank invest in Bitcoin, while its customers cannot—even if they know the risks? Currently, Intesa blocks transfers to regulated crypto exchanges. While this cautious approach may have been justifiable in the past, it risks being perceived as paternalistic or unfair today. Many customers ask, ”Why can’t I buy crypto if Intesa can?”
Intesa’s investment is likely a precursor in Italy to the introduction of crypto services for its clients. The rollout will likely begin with Private Banking clients and those with high-risk MiFID profiles. Initial offerings might include cryptocurrency custody, followed by crypto-fiat transactions, crypto-to-crypto trading, and staking services. Over time, ancillary products like crypto-backed loans could also be introduced. While exact timelines remain unclear, we’ll likely see the first services launched as early as 2025.
Another area Intesa is reportedly exploring is taxation. The bank’s dedicated team is working to identify tax solutions it can offer clients in collaboration with Italy’s tax authority under its cooperative compliance framework. Initially, the bank may offer a declarative tax regime for crypto, gradually evolving into a managed tax regime as it gains more experience.
Intesa’s investment isn’t just a pioneering move - it’s a clear signal that the bank aims to lead the market for crypto services in Italy. Given the bank’s historical leadership, other institutions will likely follow suit to avoid missing out on the opportunity to serve the over two million Italians already holding Bitcoin and other cryptocurrencies.
At CheckSig, we believe this is the right step forward. Crypto is an area of growing interest for investors, who need the support of their trusted banks, especially when dealing with such a unique asset class.
That’s why we developed CheckSig Clear, a platform that enables banks to activate a comprehensive range of crypto services securely, efficiently, and compliantly. Powered by advanced technologies like Bitcoin’s native multi-signature, CheckSig Clear allows banks to manage custody, trading, crypto-to-crypto exchanges, staking, and more - all while ensuring maximum protection for digital assets.
The platform also includes tools for managing tax compliance, further simplifying the path for financial institutions looking to enter the cryptocurrency space. It’s the ideal solution for meeting the security and transparency needs demanded by regulations and clients alike.
Don’t miss the opportunity to help your bank enter the crypto revolution. CheckSig Clear provides a secure, compliant, and seamless way to offer crypto services. Visit our website to learn more.
January 29, 2025
Michele Mandelli