UniCredit Considers Crypto Custody and Brokerage Services as European Banks Expand Digital-Asset Offerings
Key Takeaways
- •UniCredit is evaluating infrastructure for several digital-asset services but has not finalized an offering.
- •The bank is selecting a technology provider, and discussions remain at an early stage.
- •UniCredit has previously launched a bitcoin ETF-linked product and issued Italy’s first public-blockchain tokenized minibond.
- •UniCredit belongs to Qivalis, a 37-bank group working toward a euro-denominated stablecoin.
- •Bank of Italy testing found that stablecoin transfer performance depended heavily on fiat conversion and local payment systems.
Italy’s second-largest bank, UniCredit SpA, is evaluating digital-asset infrastructure that could support custody, brokerage, trading, tokenized investments, fixed-income securities and stablecoin services, according to Bloomberg.
The Milan-based lender is selecting a technology provider for the infrastructure, although discussions remain preliminary. People familiar with the plans told Bloomberg that UniCredit is assessing technology for holding digital assets and facilitating their purchase and sale. They requested anonymity because the discussions are private.
UniCredit has not finalized any products or services, and a spokesperson for the bank declined to comment on the reported plans. The provider selection and any subsequent product decisions will determine which of the potential services, if any, the bank ultimately offers.
UniCredit Reviews Digital-Asset Infrastructure
The review follows several earlier digital-asset initiatives by the bank. Last year, UniCredit offered professional clients a structured product linked to BlackRock’s iShares Bitcoin Trust exchange-traded fund. Late last year, it also issued Italy’s first tokenized minibond on a public blockchain. Tokenization enables traditional assets to be issued and transferred through blockchain networks.
UniCredit is also part of Qivalis, a group of 37 lenders from 15 European countries that aims to issue a euro-denominated stablecoin. This week, UniCredit announced a minority investment in VC Trade, a German lending-markets platform. The investment is intended to expand the bank’s digital capital-markets capabilities.
European Banks Expand Crypto Services
Other European banks have also introduced or developed crypto-related services. Spain’s BBVA has rolled out bitcoin trading and custody through its app, while Santander’s Openbank has launched its own trading service.
Cecabank began offering crypto custody in June through a partnership with Bit2Me. In Germany, Deutsche Bank is developing custody services using technology from Bitpanda’s technology arm. These examples show that European banks are developing several types of digital-asset capabilities, rather than focusing only on direct customer trading.
Bank of Italy Tests Stablecoin Transfers
The Bank of Italy examined stablecoin remittances in a research paper published in July. Researchers tested 200 USDC transfers across 10 corridors connecting Italy with Argentina, Brazil, South Africa, the United Arab Emirates and Japan.
The tests used Binance, Kraken, Ripio, Foxbit, BitOasis and Valr. Transactions took place on March 24 and 26, 2026, mainly through Ethereum. The study found that blockchain transfers were relatively fast and inexpensive.
However, fiat-conversion costs and local payment systems largely determined the overall cost and speed of the transactions. The Bank of Italy concluded that stablecoins did not consistently provide cheaper or faster cross-border remittances than existing payment services. The findings add a practical consideration for banks assessing stablecoin services: blockchain settlement is only one part of the end-to-end payment process.
Source: Cryptofrontnews
