UniCredit Eyes Crypto Custody and Brokerage Expansion
UniCredit is exploring an expansion into digital assets that would add crypto custody and brokerage services. The Italian bank has started selecting a technology provider to hold the assets and handle client transactions, Bloomberg reported.
The discussions are early, and no final decision has been made. Areas under consideration include custody and brokerage, tokenized investment products, fixed-income securities, and stablecoin applications for clients. UniCredit would need to comply with the EU's Markets in Crypto-Assets regulation (MiCA), which requires crypto-asset service providers to hold a license.
The bank has already put crypto products in front of clients through a five-year, dollar-denominated certificate linked to BlackRock's iShares Bitcoin Trust. It was also involved in Italy's first tokenized minibond on a public blockchain and belongs to Qivalis, an Amsterdam consortium planning to launch a MiCA-compliant euro stablecoin.
Other large lenders have already started selling crypto to clients. Deutsche Bank tapped Swiss firm Taurus for digital asset custody and tokenization after a detailed selection process.