Italian bank purchases bitcoin worth over $1 million

The Italian banking group Intesa Sanpaolo has acquired 11 bitcoins for approximately 1 million euros ($1.02 million). This was reported by the portal Criptovalu.it, citing the press service of the financial institution.

The bank confirmed that it purchased the cryptocurrency but did not respond to the question of whether the BTC purchase is a one-time event or part of a larger strategy.

Notably, Intesa Sanpaolo has actively begun exploring blockchain possibilities and supporting industry projects. Specifically, the bank acted as a guarantor for the country's first blockchain-based digital bond totaling $26 million, issued by Cassa Depositi e Prestiti on the Polygon blockchain.

Earlier, we reported that during a meeting of the Valdai Discussion Club, Russian President Vladimir Putin discussed the proposal to create an investment platform for BRICS to support developing markets.