UniCredit Explores Expansion into Cryptocurrency Custody and Trading Services

Italy's second-largest bank, UniCredit, is exploring the expansion of its cryptocurrency-related services, including custody and trading. According to Bitcointicker, the bank is seeking technology providers to build infrastructure for storing and trading digital assets, though discussions remain at an early stage with no specific services or vendors confirmed yet.

The scope of consideration goes beyond custody, with potential offerings including tokenized investment products, fixed-income securities, customer stablecoin usage, and crypto-linked investment products. This move signals UniCredit's intention to establish its own digital asset infrastructure rather than merely selling single cryptocurrency products.

Similar trends are emerging across European banking. Spain's BBVA allows individual customers to buy and hold Bitcoin and Ethereum through its app via self-custody infrastructure, while Santander Group's OpenBank has expanded crypto trading services. Deutsche Bank and DZ Bank are also building custody and trading infrastructure.

The MiCA regulation is lowering entry barriers for banks by outlining supervision and notification procedures required for offering digital asset services. Traditional financial institutions can now enter the market by notifying relevant authorities about business plans, internal controls, and anti-money laundering measures in advance.

UniCredit has already entered the digital asset market as a founding member of Qivalis, a euro stablecoin project involving 37 European financial institutions, and previously launched a capital-protected structured product linked to BlackRock's iShares Bitcoin Trust (IBIT) for professional investors last year.