Italy’s Tech-Forward Bank Explores Secure Stablecoin Storage
Italian banking group Banca Sella has launched a pilot program to test crypto custody services using Fireblocks’ secure digital asset infrastructure, according to a report by Bloomberg. The initiative marks a cautious but progressive step into the crypto space for the traditional finance institution.
The trial allows select employees to hold cryptocurrencies, including stablecoins, but does not include any trading functionality.
This internal test will continue through the end of summer 2025, after which the bank will evaluate whether to expand access to its 1.4 million retail and institutional clients, who collectively hold over €66 billion ($77.5 billion) in assets with Banca Sella.
What Is Banca Sella Testing?
Banca Sella is focusing exclusively on custody, ensuring the secure storage of digital assets. The bank partnered with Fireblocks, a well-known digital asset security platform that provides enterprise-grade custody and wallet solutions.
This initiative reflects growing institutional demand for secure storage of digital assets such as stablecoins, which offer lower volatility and greater utility for digital payments and settlements.
Notably, no trading features—such as buying, selling, or exchanging crypto—are included in the trial, emphasizing the security-first and regulatory-compliant approach being adopted.
Why This Matters: European Banks Entering Crypto Custody
Banca Sella joins a growing number of European banks exploring or actively offering crypto services amid regulatory clarity brought by MiCA (Markets in Crypto-Assets Regulation). The MiCA framework, fully active since late 2024, is encouraging regulated financial institutions to cautiously integrate crypto services.
Examples include:
- Intesa Sanpaolo, Italy’s largest bank, which opened a spot Bitcoin trading desk in January 2025.
- UniCredit, planning a capital-protected note linked to BlackRock’s Bitcoin ETF.
- Société Générale, launching stablecoins backed by both USD and EUR.
This trend indicates that crypto custody is becoming a key entry point for legacy banks into the digital asset world.
Fireblocks: Powering Secure Digital Asset Infrastructure
The trial leverages Fireblocks’ custody technology, which is already used by major institutions and asset managers for secure key management, token transfers, and compliance monitoring.
Fireblocks provides MPC (Multi-Party Computation) wallet infrastructure, a preferred choice for regulated institutions due to its balance of security, scalability, and auditability.
For Banca Sella, this partnership ensures a robust foundation should it decide to scale up its crypto offerings to millions of customers in the future.
A Calculated Entry Into Crypto
Banca Sella’s pilot program represents Italy’s traditional banking sector cautiously adapting to blockchain innovations. By focusing on custody without speculation, the bank aims to offer secure access to digital assets, particularly stablecoins, in a compliant and risk-mitigated manner.
If the trial proves successful, Banca Sella may soon become one of the first Italian banks to offer full-scale crypto custody—a move that would reflect Europe’s growing momentum toward mainstream digital asset adoption under MiCA.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.