Intesa Sanpaolo Expands Digital Asset Division for Crypto Spot Trading

According to PANews, Intesa Sanpaolo SpA, Italy's largest bank, is broadening the scope of its digital asset division to include cryptocurrency spot trading. This move marks a significant step for traditional banks venturing into new markets. The bank established a proprietary cryptocurrency trading division within its corporate and investment banking sector in 2023. Initially, this division focused on trading cryptocurrency options, futures, and exchange-traded funds. Although spot trading has not yet commenced, the trading desk received the necessary internal approvals and technical systems about a month ago, paving the way for future operations. Cassie Craddock, Managing Director for Ripple in the UK and Europe, confirmed that Intesa Sanpaolo is collaborating with Ripple Custody, formerly known as Metaco, to develop custody solutions for various types of tokenized assets. This partnership aims to enhance the bank's capabilities in managing digital assets securely, reflecting a growing trend among traditional financial institutions to integrate cryptocurrency services into their offerings.