Italy’s Second-Largest Bank UniCredit Weighs Crypto Custody: Report
Key Takeaways
- •UniCredit is considering digital-asset custody and related trading capabilities but has not announced a formal launch.
- •The bank is selecting a technology provider to build infrastructure for holding and transacting in digital assets.
- •Potential offerings may include tokenized securities, stablecoins and cryptocurrency-linked exposure.
- •European banks including BBVA, Santander’s Openbank and Deutsche Bank are also developing or offering digital-asset services.
- •UniCredit is among 37 European lenders working through Qivalis to develop a euro-denominated stablecoin.
Italy’s second-largest bank, UniCredit, is considering expanding into digital asset services, including cryptocurrency custody, according to a Bloomberg report published Friday.
The Milan-based bank is selecting a technology provider that would enable it to build the infrastructure required to hold digital assets and facilitate their purchase and sale, Bloomberg reported, citing people familiar with the matter.
The report describes the initiative as under consideration, making the technology-provider selection and any formal launch announcement the next stated developments to watch.
The potential offering could also include tokenized investment products and fixed-income securities, stablecoins, and exposure to cryptocurrencies, according to the report.
JUST IN: Italy’s 2nd-largest bank UniCredit is considering to offer crypto asset custody — Bloomberg pic.twitter.com/NAZKJBdcES — Bitcoin Magazine (@BitcoinMagazine) September 11, 2026
The development comes as other European banks broaden their digital asset services. In Spain, BBVA began offering bitcoin trading and custody to all customers through its app, using its own custody infrastructure rather than a third-party provider. Santander’s Openbank subsequently launched its own trading service.
Cecabank, a Spanish custodian with more than €400 billion under management that serves as the backbone for more than 100 financial institutions, went live with crypto custody in June through a partnership with Bit2Me.
In Germany, Deutsche Bank is developing custody services with Bitpanda’s technology arm. Taurus and DZ Bank received approval from BaFin in January for their meinKrypto platform.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) provides banks with a legal framework, a designated supervisor and established obligations for launching crypto services.
UniCredit is also one of 37 lenders from 15 European countries working together to create a company called Qivalis, which aims to issue a euro-denominated stablecoin.
Last year, UniCredit said it was offering professional clients a structured product linked to BlackRock’s iShares Bitcoin Trust exchange-traded fund, with full protection against losses.
The article was first published by Bitcoin Magazine and was written by Mathew Di Salvo.
