UniCredit explores crypto custody services amid European bank push
UniCredit weighs crypto custody options
Italy’s second‑largest bank, UniCredit, is looking into offering crypto custody services. The bank is choosing a technology provider to build the infrastructure needed to hold digital assets and enable buying and selling.
Key points
- UniCredit plans to support tokenized investment products, fixed‑income securities, stablecoins and direct exposure to cryptocurrencies.
- The move follows similar expansions by other European banks such as Spain’s BBVA and Santander’s Openbank, and Germany’s Deutsche Bank.
- European Union’s MiCA regulation gives banks a clear legal framework for crypto services.
- UniCredit is part of a 37‑bank group creating Qivalis, a venture aimed at issuing a euro‑denominated stablecoin.
- Last year the bank offered a structured product linked to BlackRock’s iShares Bitcoin Trust ETF, with loss protection for professional clients.
Confirmed details
The information comes from a Bloomberg report that cited people familiar with the matter. The report confirms that UniCredit is in the selection stage for a technology partner and that the bank intends to build custody and trading capabilities for digital assets.
Industry context
Several European banks have already launched crypto services. Spain’s BBVA rolled out bitcoin trading and custody through its own infrastructure, while Santander’s Openbank introduced a similar service. Spanish custodian Cecabank began crypto custody in partnership with Bit2Me, and Deutsche Bank is working with Bitpanda’s technology arm. Germany’s Taurus and DZ Bank received regulatory approval for a crypto platform earlier this year.
Why it matters
Offering crypto custody would let UniCredit’s clients keep digital assets in a regulated environment, potentially increasing mainstream adoption of cryptocurrencies in Italy and across Europe.
Next steps
UniCredit has not announced a launch date. The bank will continue to evaluate technology partners and regulatory requirements before rolling out any crypto services.
