Italy's UniCredit Eyes Cryptocurrency Custody Services Amid EU Regulation
UniCredit, Italy's second-largest bank, is considering expanding its services to include cryptocurrency custody and trading. The bank has begun selecting technology providers to build the necessary infrastructure for holding digital assets and supporting their sale.
The move comes as European banks increasingly explore ways to offer crypto services to their clients. BBVA in Spain has already rolled out Bitcoin trading and custody through its app, while Santander's Openbank offers a similar service. Deutsche Bank is working with Bitpanda on building a custodial business.
UniCredit's move is also fueled by the EU's Markets in Crypto-Assets (MiCA) regulation, which provides a clear framework for banks to offer crypto services. The bank has been part of a group of 37 banks from 15 European countries creating a company called Qivalis, aimed at issuing a euro-backed stablecoin.
Last year, UniCredit offered a structured product linked to the iShares Bitcoin Trust ETF and provided full-loss protection for professional clients.