As a traditional bank, its main sources of profit are net interest income, fee and commission income (for example, from account management, loans, payment services, investment banking advisory fees, etc.), and profits from insurance business. In businesses related to blockchain technology, the profit model is not based on speculating on cryptocurrency prices, but rather on creating value and revenue through the following methods: Efficiency improvement and cost savings: Utilizing DLT technology to simplify and automate the issuance, trading, and settlement processes of traditional financial products (such as the digital bonds mentioned above) can significantly reduce back-office operational costs and shorten settlement times. New charging service: Fees will be charged by providing services such as digital asset issuance, underwriting, and management to corporate clients. This is a new, technology-based financial service. Maintain technological leadership: Strengthen its market leadership by investing in and applying cutting-edge financial technology to attract and retain large enterprises and institutional clients.

This DLT-based profit model has important strategic significance and long-term implications for the company: Promoting the modernization of financial markets: By digitizing traditional securities such as bonds, Intesa Sanpaolo is driving the upgrade of capital market infrastructure. This makes financial transactions faster, cheaper, and more transparent, helping to enhance the competitiveness of the financial markets across Italy and Europe. Adapting to Regulatory Trends: This model is conducted within a framework of cooperation and experimentation with regulatory agencies such as the European Central Bank and the Bank of Italy. This means that their innovations are compliant and represent a potential direction for the evolution of the future financial system. It focuses on central bank digital currencies (CBDCs) and regulated digital assets, rather than unregulated cryptocurrencies. Establishing a long-term moat: By making early layouts and investing in core technologies such as DLT, Intesa Sanpaolo is not only pursuing short-term profits but also building future technological and business barriers to ensure its leading position in the wave of digitalization and avoid being disrupted by fintech startups. The significance lies in "future-proofing" its business to ensure long-term sustainable development.

According to the existing information, Intesa Sanpaolo's blockchain activities mainly affect the "Euro (EUR)." In the digital bond trading mentioned above, the settlement of funds is conducted in euros through the Italian bank's "TIPS Hash Link" solution. This is an attempt to conduct wholesale transactions using central bank currency (i.e., digital euros) on a DLT network. Therefore, its technical application does not directly affect or involve any public cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), or SOL. Its impact is as follows: to enhance the efficiency and application scenarios of the euro as a settlement currency through technical means, exploring the form of the euro in the future digital financial world. It will not lead to a direct impact on the demand or price of cryptocurrencies like Bitcoin.