Italy's second largest bank UniCredit is exploring entry into cryptocurrency services, including custody infrastructure for digital assets, according to reports citing people familiar with the matter.
The Milan-based bank is in the process of selecting a technology provider to support offerings that could include cryptocurrency exposure, tokenized investment products, fixed-income securities, and stablecoins, Bloomberg reported.
European Banks Expanding Crypto Services
UniCredit's move follows similar expansions by other major European financial institutions. Spain's BBVA launched bitcoin trading and custody to all customers via its app using proprietary infrastructure, while Santander's Openbank introduced its own trading service. Spanish custodian Cecabank, managing over €400 billion in assets for more than 100 financial institutions, went live with crypto custody in June through a partnership with Bit2Me.
In Germany, Deutsche Bank is building custody services with technology from Bitpanda's arm, and Taurus partnered with DZ Bank to receive BaFin approval in January for the meinKrypto platform.
Regulatory Framework Supporting Growth
The European Union's Markets in Crypto-Assets Regulation (MiCA) has provided banks with legal definitions, supervisory clarity, and standardized obligations for launching crypto services.
UniCredit is among 37 lenders across 15 European countries collaborating on Qivalis, an initiative aimed at issuing a euro-denominated stablecoin. The bank previously offered professional clients a structured product linked to BlackRock's iShares Bitcoin Trust exchange-traded fund with loss protection.
