UniCredit Weighs Crypto Custody and Brokerage, Hunts for a Technology Provider

UniCredit is exploring an expansion into digital assets that would add crypto custody and brokerage, and has started selecting a technology provider to hold the assets and handle client transactions, Bloomberg reported, citing people familiar with the matter.

As per the report, the discussions are early, and no final decision has been made. Areas under consideration include custody and brokerage, tokenized investment products and fixed-income securities, and stablecoin applications for clients. UniCredit has not disclosed which providers it is weighing, how much it might spend, or when it would choose one.

Any crypto services would fall under the EU’s Markets in Crypto-Assets regulation, whose grace period ended on July 1. MiCA requires crypto-asset service providers to hold a license and lets authorized firms passport custody and trading across the 30-country European Economic Area.

Building on Earlier Crypto Moves

Selecting an outside technology provider is the path other large banks have taken into crypto custody. Deutsche Bank tapped Swiss firm Taurus for digital asset custody and tokenization after what the vendor called a detailed selection and due diligence process.

UniCredit has already put crypto products in front of clients. The bank opened a five-year, dollar-denominated certificate linked to BlackRock’s iShares Bitcoin Trust (IBIT) to professional clients in July 2025, with full capital protection at maturity, a cap of 85% on returns and a $25,000 minimum. It was the first product of its kind in Italy.

In December 2025, UniCredit and state lender Cassa Depositi e Prestiti structured Italy’s first tokenized minibond on a public blockchain, a €5 million issue for E4 Computer Engineering recorded on Polygon.

UniCredit also belongs to Qivalis, an Amsterdam consortium that has grown to 37 European banks across 15 countries and plans to launch a MiCA-compliant euro stablecoin on Ethereum in the second half of 2026. The token would be backed one-for-one by euro deposits, subject to approval from the Dutch central bank.

Banks Push Into Digital Assets

Other large lenders have already started selling crypto to clients. BBVA began offering Bitcoin (BTC) trading and custody to private banking clients in Switzerland, and Israel’s Bank Leumi lined up Galaxy to run trading and custody for a 2027 launch covering Bitcoin, Ethereum (ETH) and Solana (SOL).

UniCredit is also expanding in digital markets beyond crypto. On September 8, it bought a minority stake in VC Trade, a Frankfurt platform that digitizes bond and loan deals. The platform sits in debt markets, separate from the crypto plans, and has handled more than €90 billion across over 600 transactions.