Blab Crypto
UniCredit Eyes Digital Asset Expansion, Including Custody and Brokerage Services
UniCredit, Italy’s second‑largest bank, is reportedly exploring a move into digital asset services that could include custody, brokerage, tokenised investment products and stable‑coin‑based offerings. The decision follows a broader trend of European banks expanding crypto services under the EU’s Markets in Crypto‑Assets Regulation (MiCA).
According to a Bloomberg report released on Friday, 11 September 2026, people familiar with the matter said UniCredit is selecting a technology partner that would allow it to build the infrastructure needed to hold digital assets and facilitate their buying and selling. The bank’s plans would cover tokenised investment products and fixed‑income securities, the use of stablecoins and exposure to cryptocurrencies.
The move comes as several European banks have already launched crypto services. Spain’s BBVA was the first to offer retail bitcoin trading and custody to all customers via its app, using its own custody infrastructure. Santander’s Openbank followed with its own trading service. Cecabank, a Spanish custodian managing more than €400 bn for over 100 financial institutions, launched crypto custody in June through a partnership with Bit2Me.
In Germany, Deutsche Bank is building a custody solution with Bitpanda’s technology arm, while Taurus and DZ Bank received BaFin approval in January for the meinKrypto platform.
MiCA, which entered full force in December 2024, provides a legal definition for crypto‑assets, establishes a supervisor and sets a common set of obligations for firms that wish to launch crypto services. The regulation has encouraged banks to consider digital‑asset offerings that comply with EU rules.
UniCredit is already involved in a consortium of 37 European banks that is developing a euro‑denominated stablecoin, known as Qivalis. The consortium, which includes banks across 15 countries, aims to issue a MiCA‑compliant, 1:1 euro‑backed stablecoin on the public Ethereum network. The Qivalis project is part of a broader effort by European banks to create a regulated digital currency that can be used for 24‑hour on‑chain settlement.
Last year, UniCredit announced that it was offering professional clients a structured product tied to BlackRock’s iShares Bitcoin Trust exchange‑traded fund, with full protection against losses. The product was marketed as a way for institutional investors to gain exposure to bitcoin without the need for direct custody.
The bank’s potential expansion into custody and brokerage would allow it to offer similar services to its corporate and professional clients, potentially giving them a route to hold and trade digital assets through UniCredit’s existing operations.
While the bank has not named a provider, its securities business already uses partners for other services. The choice of technology partner will determine the scope of the offerings and the compliance framework that will be applied.
The development is part of a broader European banking trend to integrate digital‑asset services into traditional banking products. By aligning with MiCA, banks can provide regulated, secure access to crypto while maintaining oversight and risk controls.
UniCredit’s next steps will likely involve finalising the technology partnership, ensuring compliance with MiCA, and integrating the new services into its product suite. The bank’s involvement in the Qivalis stablecoin consortium and its previous structured product offering suggest it is positioning itself to serve institutional investors looking for regulated exposure to digital assets.
As the regulatory environment matures and more banks adopt crypto services, the industry will continue to evolve. UniCredit’s potential entry into digital‑asset custody and brokerage could signal a significant shift in how European banks approach crypto offerings and could influence the pace of adoption across the continent.
According to a Bloomberg report released on Friday, 11 September 2026, people familiar with the matter said UniCredit is selecting a technology partner that would allow it to build the infrastructure needed to hold digital assets and facilitate their buying and selling. The bank’s plans would cover tokenised investment products and fixed‑income securities, the use of stablecoins and exposure to cryptocurrencies.
The move comes as several European banks have already launched crypto services. Spain’s BBVA was the first to offer retail bitcoin trading and custody to all customers via its app, using its own custody infrastructure. Santander’s Openbank followed with its own trading service. Cecabank, a Spanish custodian managing more than €400 bn for over 100 financial institutions, launched crypto custody in June through a partnership with Bit2Me.
In Germany, Deutsche Bank is building a custody solution with Bitpanda’s technology arm, while Taurus and DZ Bank received BaFin approval in January for the meinKrypto platform.
MiCA, which entered full force in December 2024, provides a legal definition for crypto‑assets, establishes a supervisor and sets a common set of obligations for firms that wish to launch crypto services. The regulation has encouraged banks to consider digital‑asset offerings that comply with EU rules.
UniCredit is already involved in a consortium of 37 European banks that is developing a euro‑denominated stablecoin, known as Qivalis. The consortium, which includes banks across 15 countries, aims to issue a MiCA‑compliant, 1:1 euro‑backed stablecoin on the public Ethereum network. The Qivalis project is part of a broader effort by European banks to create a regulated digital currency that can be used for 24‑hour on‑chain settlement.
Last year, UniCredit announced that it was offering professional clients a structured product tied to BlackRock’s iShares Bitcoin Trust exchange‑traded fund, with full protection against losses. The product was marketed as a way for institutional investors to gain exposure to bitcoin without the need for direct custody.
The bank’s potential expansion into custody and brokerage would allow it to offer similar services to its corporate and professional clients, potentially giving them a route to hold and trade digital assets through UniCredit’s existing operations.
While the bank has not named a provider, its securities business already uses partners for other services. The choice of technology partner will determine the scope of the offerings and the compliance framework that will be applied.
The development is part of a broader European banking trend to integrate digital‑asset services into traditional banking products. By aligning with MiCA, banks can provide regulated, secure access to crypto while maintaining oversight and risk controls.
UniCredit’s next steps will likely involve finalising the technology partnership, ensuring compliance with MiCA, and integrating the new services into its product suite. The bank’s involvement in the Qivalis stablecoin consortium and its previous structured product offering suggest it is positioning itself to serve institutional investors looking for regulated exposure to digital assets.
As the regulatory environment matures and more banks adopt crypto services, the industry will continue to evolve. UniCredit’s potential entry into digital‑asset custody and brokerage could signal a significant shift in how European banks approach crypto offerings and could influence the pace of adoption across the continent.
