UniCredit Eyes Direct Crypto Custody and Trading for Clients

UniCredit is considering taking its cryptocurrency efforts to the next level by offering direct custody and trading services to its clients. According to Bloomberg, the bank is selecting a technology provider to build the necessary infrastructure for holding cryptocurrencies and other digital assets.

The move would be an important step in UniCredit's strategy on crypto custody and broader digital assets. The bank has been experimenting with tokenization in recent months, but this new phase of study focuses on building out the missing layer, direct contact with clients.

UniCredit invested 4 million euros for a 16% stake in BlockInvest, an Italian firm specializing in tokenization infrastructure, in April. It then issued tokenized financial instruments and announced a minority stake in VC Trade, a German platform focused on digital debt markets just three days ago. Now, the bank is looking to complete its picture by adding the direct-to-client layer.

This development fits into a broader trend of international banks moving into digital assets. A major US commercial bank recently completed a cross-border payment using its own stablecoin, while a prominent British bank launched spot trading services for institutional clients in the Middle East just days ago.