Italian Bank Adds Bitcoin Support as the Nation Emerges into a Brave New World

While the Italian people have been on lockdown, its digital businesses have been spared the brunt of the recession, as companies continue providing vital services to the quarantined. Just before the COVID-19 pandemic assailed the Mediterranean country, Italy’s Hype bank, a mobile-first challenger bank, sealed a deal with bitcoin startup Conio to add BTC support. The agreement means that Hype’s 1.2 million customers will be able to buy, sell, and store bitcoin directly within their banking app.

Even the most robust Italian companies have struggled to weather the coronavirus downturn, which has stricken Italy and now the US with a vengeance. Shares in Fiat Chrysler (NYSE:FCAU) are down 50% since the start of the year, while Telecom Italia (NYSE:TI) has lost around 30% of its value. The FTSE MIB index, which tracks 40 of Italy’s large-cap stocks, is down 16.5% for the year.

Transitioning from Physical to Digital Payments

Italy still has some way to go before the first wave of the…