The Italian cryptocurrency picture continues to change: there is increasing interest in crypto-assets in our country. The new air in Europe, particularly around stablecoins, has set in motion a sort of chain reaction.
The joint efforts of the European Union and credit institutions to legitimise cryptos, through the introduction of the European Regulation of Crypto-Assets and the creation of digital system bank currencies, pegged to current currencies, are bearing fruit. The landscape is changing, and banks want to be part of this change.
In this scenario, Banca Popolare di Cortona, Italy's oldest popular bank, acquired an additional 603,448 shares of Cryptosmart, for a total value of EUR 277,000, bringing its shareholding from 5.1% to 17.6%.
What Cryptosmart deals with
Cryptosmart is an innovative SME, born in 2021 in Perugia and registered, since 2022, in the Register of Virtual Currency Operators at the Organismo Agenti e Mediatori OAM, which aims to provide an all-Italian experience for anyone who wants to enter the world of cryptocurrencies and operate with a partner with whom one can easily interface. The pride of Cryptosmart is that it is an Italian company, managed by Italians, with assistance in Italian and based in our country.
The partnership with the Cryptosmart exchange "confirms Banca Popolare di Cortona's commitment to accompany its communities of reference on the path of digital innovation, with seriousness and critical sense." So wrote the banking institution in the note accompanying the communication of the closing of the deal.
A unified vision
Popolare di Cortona chose to increase its stake in Cryptosmart not so much because it seeks a corporate takeover (or, at least, today there is still no evidence to say whether this is the bank's ultimate goal) but because it is on the same wavelength as the exchange's founders and shares with them the same vision on the current global economic scenario, as well as on the future evolution of the crypto sector.
The joint short- and medium-term strategy concerns the monetary policies of central banks, characterised by constant printing of new currency. These choices erode the purchasing power of traditional money and favour the search for assets capable of holding value over time. Cryptocurrencies, and in particular Bitcoin, which will reach a maximum supply of 21 million units, stand as a refuge against inflation. It is for this reason that the Bitcoin network continues to attract the interest of investors; companies and governments, contributing to the legitimacy of this cryptocurrency as a payment instrument, store of value and collateral in the financial sphere.
Growing adoption will create a virtuous circle: as Bitcoin and other cryptos become more accepted, demand will increase. So will confidence in them, at the expense of short-term speculative movements. While remaining an asset subject to volatility, the long-term trajectory will benefit from a steady increase in practical use and exposure to global markets.
Will La Popolare still increase its stake in Cryptosmart?
A 17.6% stake is certainly significant, but it still remains a minority. We do not know whether the bank actually aims to increase its stake in the company or whether it will be content with its current slice. What does seem quite clear, however, is that the bank is attracted to investments in decentralised finance and, in particular, to cryptocurrencies.
The institution could pursue this strategy either by increasing its stake in the Umbrian company or by diversifying and linking up with other players. It will be interesting to see if it continues to seek Italian interlocutors. Such a choice could represent an important lever for the realities of our country.
