UniCredit Selects Vendor for Crypto Custody Infrastructure
Milan-based UniCredit is choosing a technology partner to build digital asset custody and trading capabilities, marking a significant step for Europe's second-largest bank.
UniCredit is selecting a technology provider to build infrastructure for holding and trading digital assets. The move includes plans for tokenized investment products and stablecoin usage. The bank aims to offer these services to its client base across Europe.
Bloomberg reported that the selection process is currently underway. The infrastructure will support the buying and selling of cryptocurrencies. This expansion aligns with broader trends among European financial institutions.
European Banks Expand Digital Asset Offerings
Spanish banks have already launched retail crypto services. BBVA offers bitcoin trading and custody through its mobile application. Santander’s Openbank division provides a similar trading service to its customers.
Cecabank went live with crypto custody in June of last year. The bank manages over 400 billion euros in assets. It serves as a custodian for more than 100 financial institutions.
German banks are also entering the sector. Deutsche Bank is building custody capabilities using Bitpanda technology. Taurus and DZ Bank received regulatory approval for their meinKrypto platform in January.
Regulatory Framework Enables Market Entry
The European Union’s Markets in Crypto-Assets Regulation provides a legal framework. It defines obligations for banks launching crypto services. This regulatory clarity reduces uncertainty for financial institutions.
UniCredit is part of a group of 37 lenders in 15 countries. They are working together to create a company called Qivalis. The goal is to issue a euro-denominated stablecoin.
Prior Exposure to Bitcoin Products
The bank previously offered a structured product to professional clients. The product was tied to BlackRock’s iShares Bitcoin Trust ETF. It included full protection against losses.
This new initiative extends that existing exposure to a broader range of services. The focus is on custody and direct trading. According to GN markets/crypto, this represents a significant strategic shift for the lender.
