UniCredit is evaluating an expansion into digital assets that would include crypto custody and brokerage services. According to Bloomberg, the bank has started the process of selecting a technology provider to manage asset holding and client transactions.
The discussions remain in early stages with no final decision made. Areas under consideration include custody and brokerage operations, tokenized investment products and fixed-income securities, and stablecoin applications for clients. UniCredit has not disclosed which providers it is evaluating, anticipated spending, or a timeline for selection.
Any crypto services offered by the bank would operate under the EU's Markets in Crypto-Assets regulation, which requires licensed providers. The regulation's grace period ended on July 1, and it allows authorized firms to passport custody and trading services across the 30-country European Economic Area.
Building on Earlier Crypto Moves
Selecting an external technology provider follows the approach taken by other major banks. Deutsche Bank partnered with Swiss firm Taurus for digital asset custody and tokenization services.
UniCredit has already introduced crypto products to clients. In July 2025, the bank offered a five-year, dollar-denominated certificate linked to BlackRock's iShares Bitcoin Trust to professional clients, featuring full capital protection at maturity, an 85% cap on returns, and a $25,000 minimum investment. It was the first product of its kind in Italy.
In December 2025, UniCredit and state lender Cassa Depositi e Prestiti created Italy's first tokenized minibond on a public blockchain. The €5 million issue for E4 Computer Engineering was recorded on Polygon.
UniCredit is also a member of Qivalis, an Amsterdam-based consortium of 37 European banks across 15 countries. Qivalis plans to launch a Markets in Crypto-Assets compliant euro stablecoin on Ethereum in the second half of 2026, backed one-for-one by euro deposits and subject to Dutch central bank approval.
Sector Expansion Trends
Other major banks are also moving into digital asset services. BBVA began offering Bitcoin trading and custody to private banking clients in Switzerland, while Israel's Bank Leumi engaged Galaxy to manage Bitcoin, Ethereum, and Solana trading and custody for a planned 2027 launch.
Beyond crypto, UniCredit acquired a minority stake in VC Trade, a Frankfurt-based platform that digitizes bond and loan transactions, in September. VC Trade has processed more than €90 billion across over 600 transactions.
