UniCredit Weighs Crypto Custody Expansion Amid European Banking Rush

Italy's second-largest bank, UniCredit, is considering expanding into digital asset offerings, including custody. According to Bloomberg, the Milan-based bank is selecting a technology provider to build the infrastructure needed to hold digital assets and facilitate their buying and selling.

The news comes as other European banks expand crypto offerings. Spain's BBVA was the first to introduce retail crypto trading and custody through its app, while Santander's Openbank followed with its own trading service. In Germany, Deutsche Bank is building custody with Bitpanda's technology arm.

UniCredit is also involved in a project called Qivalis, a company created by 37 lenders across 15 European countries to issue a euro-denominated stablecoin. Last year, the bank offered professional clients a structured product tied to BlackRock's iShares Bitcoin Trust exchange-traded fund with full protection against losses.