- Italy’s second-largest bank, UniCredit, is reportedly considering expanding into digital assets with services including crypto custody, buying and selling.
- The bank is selecting a technology provider that could support infrastructure for cryptocurrencies, stablecoins, tokenized investments and fixed-income securities.
- The potential expansion comes as major European banks accelerate their digital asset offerings under the EU’s MiCA regulatory framework.
UniCredit is reportedly exploring a broader move into digital assets as major European banks continue expanding their crypto services.
The Milan-based bank is selecting a technology provider that would allow it to build infrastructure for holding digital assets and facilitating their purchase and sale, Bloomberg reported Friday, citing people familiar with the matter.
The potential offering could extend beyond traditional cryptocurrency trading and custody.
UniCredit is also considering tokenized investment products and fixed-income securities, stablecoin applications and broader exposure to cryptocurrencies, according to the report.
European Banks Expand Crypto Services
UniCredit’s potential expansion follows similar moves from several large financial institutions across Europe.
In Spain, BBVA has rolled out Bitcoin trading and custody to customers through its app using its own custody infrastructure. Santander’s Openbank has also launched a crypto trading service.
Spanish custodian Cecabank, which has more than €400 billion under management and supports over 100 financial institutions, launched crypto custody in June through a partnership with Bit2Me.
Germany is seeing similar developments.
Deutsche Bank is building digital asset custody infrastructure using technology from Bitpanda, while Taurus and DZ Bank received BaFin approval in January for the meinKrypto platform.
MiCA Creates Framework for Bank Crypto Services
Europe’s Markets in Crypto-Assets Regulation, known as MiCA, has provided financial institutions with a clearer framework for offering digital asset services.
The rules establish regulatory requirements and supervisory structures covering parts of the crypto market, giving banks a more defined path for launching related products.
That regulatory environment is helping traditional European financial institutions explore services ranging from crypto trading and custody to tokenized assets and stablecoins.
UniCredit Already Has Digital Asset Exposure
UniCredit has already taken several steps into the digital asset sector.
The bank is one of 37 lenders across 15 European countries working together on Qivalis, a company being developed with the goal of issuing a euro-denominated stablecoin.
Last year, UniCredit also said it was offering professional clients a structured product linked to BlackRock’s iShares Bitcoin Trust ETF, with full protection against losses.
A move into direct digital asset infrastructure would further expand UniCredit’s involvement, potentially giving the bank the ability to provide custody and trading alongside its existing crypto-linked products.
However, the reported plans remain under consideration, and no final digital asset offering has been announced.
