Intesa Sanpaolo, Italy’s leading financial institution, has taken a significant step in the crypto landscape by expanding its digital assets desk to include cryptocurrency spot trading. Previously focused on trading crypto options, futures, and ETFs, the Milan-based bank is broadening its blockchain initiatives within its corporate and investment banking division.
According to sources via Bloomberg, Intesa has obtained internal approvals and completed the technical preparations necessary to enter the spot market. While spot trading is not yet active, the bank’s proprietary crypto trading desk—led by quant trader Niccolò Bardoscia and a team of four—received its technical readiness for spot transactions last month.
In collaboration with Ripple Custody (formerly Metaco), Intesa Sanpaolo also aims to enhance tokenized asset management and custody capabilities. Cassie Craddock, Ripple’s managing director for the UK and Europe, has highlighted the partnership’s role in supporting Intesa’s readiness for tokenized asset solutions.
Currently, Intesa’s crypto trading activities are limited to proprietary trading, meaning it trades using its own capital rather than on behalf of clients. However, this expansion sets the foundation for potential institutional digital asset trading in the future.
This development comes as Italy considers tax reforms that could make crypto trades more tax-efficient, while the European Union advances its regulatory framework for cryptocurrencies. This regulatory momentum is expected to encourage more traditional financial institutions to enter the crypto sector.
Pioneering Italy’s Digital Bond Issuance and Partnerships with Global Finance Leaders
In July, Intesa led the digital bond issuance by Cassa Depositi e Prestiti, signaling Italy’s shift towards digital asset adoption. Globally, traditional financial giants like BlackRock and JPMorgan Chase are also deepening their blockchain and crypto engagements. BlackRock, for example, manages over $42 billion in its Bitcoin-backed ETF and is integrating its digital coin for crypto derivatives trading. Meanwhile, JPMorgan plans to offer instant settlement for forex conversions on its blockchain platform.
Intesa’s private banking division, Fideuram Intesa Sanpaolo Private Banking (FISPB), recently partnered with asset management leader BlackRock to bolster digital wealth management across Europe, starting with Belgium and Luxembourg. This collaboration aims to expand Intesa’s European clientele by delivering digital brokerage, hybrid advisory, and discretionary portfolio management services.
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