Intesa Sanpaolo, Italy’s largest banking group, has purchased 11 Bitcoins for roughly 1 million euros (US$1 million), becoming the first Italian bank to make a direct investment in the crypto.

The confirmation came from Intesa Sanpaolo’s press office, following speculation that emerged earlier in the day after an internal email from the group was leaked on the online forum 4chan.

The email, reportedly signed by Niccolò Bardoscia, head of the bank’s Trading and Investment division for Digital Assets, outlined the acquisition, according to a report by Italian crypto news outlet Criptovaluta.

While the purchase was confirmed, the banking group declined to elaborate on its motivations or potential future strategies involving Bitcoin, per the report. 

It remains unclear whether the move signals the groups intent to expand into crypto services or is merely an exploratory investment in digital assets.

Intesa Sanpaolo did not immediately respond to Decrypt’s request for comment.

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Author: Sebastian Sinclair