Italy’s largest bank, Intesa Sanpaolo, dipped its toes in the cryptocurrency market, conducting its first Bitcoin (CRYPTO: BTC) purchase worth $1 million, according to a report on Tuesday.
What Happened: Intesa Sanpaolo purchased 11 Bitcoins in what CEO Carlo Messina described as “a test,” Reuters reported, citing an internal memo.
Speaking to reporters at an event, Messina said that the lender had “very limited” room to invest in cryptocurrencies and that the latest trial was conducted to prepare for potential requests for such investments by “sophisticated” clients.