Italy’s second-largest bank is exploring potential expansion into digital asset services, which includes cryptocurrency custody, according to recent reports.
Based on a Friday report from Bloomberg that cited individuals familiar with the situation, the Milan-headquartered UniCredit is in the process of selecting a technology partner. This collaboration aims to establish the underlying infrastructure required to securely hold digital assets as well as enable their purchase and sale.
Bloomberg’s coverage further noted that tokenized investment products, fixed-income securities, stablecoin usage, and cryptocurrency exposure are all under consideration.
This development unfolds as various other European financial institutions broaden their own cryptocurrency offerings. Spain initiated retail adoption when BBVA introduced bitcoin trading and custody directly to all app users utilizing proprietary custody infrastructure rather than relying on a third party, with Santander’s Openbank subsequently launching its own trading option.
Additionally, Cecabank—a Spanish custodian managing over €400bn that serves as a foundational backbone for more than 100 financial institutions—launched its crypto custody services in June through a collaborative partnership with Bit2Me.
Meanwhile in Germany, Deutsche Bank is developing custody capabilities utilizing technology from Bitpanda’s institutional arm, while Taurus and DZ Bank secured approval from BaFin in January for the meinKrypto platform.
Fresh regulatory frameworks within the European Union, specifically the Markets in Crypto-Assets Regulation (MiCA), provide banks with official legal definitions, designated supervisors, and a familiar compliance framework for launching cryptocurrency offerings.
UniCredit is also among 37 lenders spanning 15 European nations that are collaborating to establish a company named Qivalis, which has the objective of issuing a euro-denominated stablecoin.
Previously, during the past year, the bank announced it was providing professional clients with a structured financial product linked to BlackRock’s iShares Bitcoin Trust exchange-traded fund, featuring complete protection against financial losses.
Frequently Asked Questions
Is UniCredit considering crypto custody?
Yes, reports indicate that Italy’s second-largest bank is evaluating digital asset offerings, including crypto custody.
What other services is UniCredit weighing?
The bank is looking at tokenized investment products, fixed-income securities, stablecoins, and crypto exposure.
What regulatory framework is shaping EU crypto services?
The Markets in Crypto-Assets Regulation (MiCA) provides European banks with a legal definition and regulatory obligations.
Are other European banks offering crypto?
Yes, institutions like BBVA, Santander’s Openbank, Deutsche Bank, and DZ Bank have rolled out various crypto and custody services.

Italy’s 2nd-largest bank UniCredit is considering to offer crypto asset custody — Bloomberg
pic.twitter.com/NAZKJBdcES
