Italian banking group seals test the custody of Stablecoins: Report

By Hannah Pérez

Sella Bank is working with the Fireblocks technology provider to allow some of its employees to handle Stablecoins directly from the bank.

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• Sela Banking, founded in 1886, joins world banks that explore the stablcoins.
• The Italian banking group works with Fireblocks to allow employees to guard the assets.
• It does not plan to offer cryptocurrency services such as Bitcoin later.
• Others in Europe and the United States also move quickly towards digital assets.

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Seal Bankan Italian banking group recognized for its focus on technological innovation, is joining the growing list of traditional financial institutions that actively explore the stablecoins.

According to a report from Bloomberg Published on Wednesday, the Biella headquarters, PIEMONTE, is carrying out an internal pilot program to test custody of digital assets such as Stablecoins.

The Italian institution is working with the digital asset infrastructure provider, Fireblocksto allow a handful of employees to maintain cryptocurrencies, including Stablecoinspeople with knowledge of the matter to the aforementioned newspaper.

Fireblocks It is a platform that allows institutions to manage digital assets safely and efficiently. Its network connects more than 1,800 institutional partners, including ExchangeLiquidity suppliers, banks and commercial counterparts, with the mission of simplifying the adoption of cryptocurrencies by companies, eliminating technical complexities and safety risks.

Banks and high -profile financial institutions are moving towards digital assets accelerated this year in the middle of a favorable regulatory context under the new Mica rules in Europe and an administration in the United States, under Donald Trump, which supports the class of assets and pursues lighter regulations for the sector.

The Stablecoins, –Tokens digital linked to a real world asset, often with fiduciary parity such as the US dollar or the euro–They have particularly caught the attention of banks for their potential to improve the inherited payment model.

Seal bench binds to Stablecoins explorers

In Europe, the giant French bank I société générale announced in May that he is building his own Stablecoin with parity in the euro based on the Blockchain public of Ethereum.

The Italians INTSA SANPAOLOthe largest bank in the country, and Unicreditthey have also announced new cryptocurrency services, with the last one planning a product linked to the quoted background (ETF) of Bitcoin in cash of Blackrock.

Seal Bankfounded in 1886, does not plan to offer trade or cryptocurrency services such as Bitcoin And it will focus on custody of Stablecoinswith plans to extend the tests until the end of summer, shared Bloomberg.

Last year reports had circulated that they advanced that Seal Bank Beta tests for trade operations of Bitcoin Between a small group of clients through their application Hype

After the experimentation phase, the Italian banking group hopes to make a decision about their opening custody of Stablecoins to its 1.4 million customers, which currently retain more than € 66 billion (USD $ 77.5 billion) in custody.

The group Seal It offers a wide range of services, including patrimonial management, corporate banking and investment and payment systems. Although it is relatively small, there has been a solid reputation for its digital innovation, becoming in 1997 a pioneer in internet banking services, and in 2017 being one of the first in Italy to implement an Open Banking platform.

From the United States, financial giants such as Fidelity and Bank of America They have also expressed intentions to integrate Stablecoinsin case of effectively implementing favorable regulatory changes in the North American nation. The Genius bill, to regulate the Stablecoinsreceived a key approval from the Senate last month.

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Hannah Estefanía Pérez / Diariobitcoin

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