UniCredit Considers Expanding into Crypto Custody
Italy's second-largest bank, UniCredit, is exploring digital asset offerings, including custody, according to a report from Bloomberg. The bank is selecting a technology provider that will enable it to build the infrastructure needed to hold and facilitate the buying and selling of digital assets.
The possible services include tokenized investment products and fixed-income securities, as well as exposure to cryptocurrencies through stablecoins. This move comes as other European banks are expanding their crypto offerings, with Spain's BBVA and Santander's Openbank already providing retail customers with access to bitcoin trading and custody.
UniCredit is also part of a company called Qivalis, which aims to issue a euro-denominated stablecoin. The bank has previously offered a structured product tied to the BlackRock iShares Bitcoin Trust exchange-traded fund, with full protection against losses.