Hype Bank – a small financial startup in Italy – is making it easy for the country’s residents to get their hands on bitcoin during the coronavirus outbreak.
Hype Bank Brings BTC to Residents of Italy
Italy has been hit hard by the ongoing pandemic, with death and infection rates now comparable to those in China. It is arguably the hardest hit region of Europe. The country is now warning of a hardcore recession, and many may find it hard to garner the funds they’ll need to ensure their survival during this time of strife. Italian leaders are pushing for a bailout worth as much as 700 billion euros to help offset negative financial effects.
Hype Bank operates on a strictly mobile basis, which is perfect during this period of social distancing. The company has recently entered a partnership with a bitcoin startup called Conio and is now pledging to provide BTC support for customers. That means anyone banking with Hype can ultimately purchase, sell or trade BTC through the Hype app.
The situation could potential do wonders for cryptocurrency, which has been suffering heavily as of late. Bitcoin, for example, is presently trading for about $6,200 – more than $4,000 less than where it stood in mid-February. Just a few days ago, the currency was trading in the $6,700 range, suggesting that the asset has lost as much as $500 in less than a week.
Hype claims to have as many as 1.2 million customers, which means that if they all worked to purchase or obtain bitcoin in the coming weeks, the currency could potentially garner newfound bursts in trading activity, thereby expanding its price and overall legitimacy.
Hype has been pushing bitcoin for some time, though it believes the time for crypto payments is right on the cusp of emerging. It states that even if the coronavirus were to diminish or disappear today, people would still be wary of handling cash or coins out of fear of further contamination. Bitcoin, which can be used to pay for goods and services online or digitally, may serve a much stronger purpose very soon.
We Need More Bitcoin
Italy has long been one of bitcoin’s biggest fans. The country unveiled a new report last year suggesting that BTC was the third most popular payment method, surpassing even major credit card companies like American Express.
In addition, the Red Cross organization based in Italy is requesting that users donate their bitcoins towards the fight against COVID-19. The group suggests that bitcoin can be used to boost the national supply of masks and other medical supplies and equipment designed to keep residents safe and clear. The Italian Red Cross initially met its first BTC goal within three days and has since set a second one of more than $20,000.