Milan-based UniCredit is actively working on expanding its digital asset offerings, including cryptocurrency custody, according to a Bloomberg report citing sources familiar with the matter. The bank is currently in the process of selecting a technology partner to establish the necessary infrastructure for holding digital assets and facilitating their buying and selling. Potential services under consideration also include tokenized investment products, fixed-income securities, stablecoin usage, and direct exposure to cryptocurrencies.
This move aligns with broader trends among European financial institutions adopting crypto services under the Markets in Crypto-Assets Regulation (MiCA). Other major banks have already advanced similar initiatives: Spain’s BBVA launched bitcoin trading and custody via its app, while Deutsche Bank is building custody solutions with Bitpanda. Additionally, UniCredit is part of a consortium of 37 lenders across 15 countries forming Qivalis, a company aimed at issuing a euro-denominated stablecoin.
UniCredit’s exploration of crypto custody signals a strategic shift toward integrating digital assets into traditional banking infrastructure, leveraging the regulatory clarity provided by the EU’s MiCA framework. By seeking a technology provider rather than relying solely on third-party custodians, the bank appears focused on controlling the operational backbone required for secure asset management and transaction facilitation. This approach mirrors efforts by peers like BBVA and Deutsche Bank, indicating that institutional adoption is moving from experimental phases to core service expansion.
The development underscores the growing importance of compliance-ready infrastructure in the European crypto market. As banks navigate the transition from offering limited structured products to providing full custody and trading services, the ability to manage operational risk and adhere to strict supervisory obligations becomes critical. UniCredit’s participation in the Qivalis stablecoin initiative further highlights how traditional lenders are positioning themselves within the emerging digital finance ecosystem, potentially reshaping market structure through enhanced institutional credibility and regulated access.
