Italy's Banking Giant could offer crypto trading and custody services

UniCredit Eyes Crypto Infrastructure Partner

UniCredit, Italy's second-largest bank, is moving to deepen its digital asset ambitions. The lender is considering early-stage plans to build out custody and brokerage capabilities, and is in the process of selecting a technology provider that would allow it to hold digital assets and facilitate their buying and selling.

Areas of interest include crypto custody and brokerage capabilities, tokenized investment products, and stablecoin-based fixed-income securities, according to people familiar with the matter. The move would give clients a regulated environment for gaining exposure to $BTC, $ETH, and other digital assets within the bank's existing wealth management framework.

The bank has not disclosed which technology providers are being considered, how much it could spend on the project, or when a provider might be selected. Decisions on whether UniCredit will ultimately offer crypto brokerage, custody, stablecoin services, or tokenized securities through the system remain under discussion.

Broader Digital Asset Push Already Under Way

The custody and brokerage exploration is not UniCredit's first step into the digital asset space. The bank has already offered professional clients a product linked to BlackRock's Bitcoin ETF and issued a tokenized minibond on a public blockchain.

UniCredit has also joined other European banks in creating Qivalis to develop a euro-denominated stablecoin, and this week announced it acquired a minority stake in VC Trade, a German lending markets platform, to expand its digital capital markets capabilities.

The push reflects a wider trend across European banking. Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates in early September, having previously launched digital asset custody services in the region in September 2024. UniCredit's plans, if realised, would mark one of the most significant moves by a major continental European lender into retail and wealth-focused crypto services.

Sources:
Bloomberg: UniCredit Eyes Digital Asset Push With Custody, Brokerage Tech
CoinTelegraph: UniCredit Seeks Infrastructure Partner for Crypto Trading, Custody
Crypto Briefing: UniCredit Weighs Tokenized Products and Crypto Services