UniCredit is advancing plans to broaden its digital asset capabilities, focusing on infrastructure that would enable clients to hold and trade cryptocurrencies along with related investment products. Discussions remain preliminary, with the bank assessing technology providers capable of supporting custody and brokerage functions.

People familiar with the matter indicated that the Milan-based lender is selecting a partner to supply systems for safeguarding digital assets and facilitating their purchase and sale. Potential applications under review include tokenized investment products, fixed-income securities, client use of stablecoins and structured ways to gain cryptocurrency exposure. No final decisions on partners, service scope or timelines have been reached, and elements of the initiative could still shift or be set aside.

A UniCredit spokesperson declined to comment on the plans.

Building on Existing Digital Asset Initiatives

The current effort builds on earlier steps UniCredit has taken in the digital asset space. In July 2025 the bank introduced a five-year, dollar-denominated structured product for professional clients in Italy linked to BlackRock’s iShares Bitcoin Trust exchange-traded fund. The certificate provided capital protection at maturity while offering participation in Bitcoin-linked returns without requiring direct ownership of the cryptocurrency.

Separately, UniCredit issued Italy’s first tokenized minibond on a public blockchain, demonstrating the use of distributed-ledger technology for traditional fixed-income instruments. The bank has so far concentrated most digital asset activity on professional investors and corporate clients rather than the broader retail base.

UniCredit recently acquired a minority stake in VC Trade, a German platform focused on lending markets, as part of a wider push to strengthen its digital capital markets capabilities. The technology search for custody and brokerage infrastructure would add a further component to that strategy.

Stablecoin Ambitions Through Qivalis Consortium

Stablecoins form another element of UniCredit’s digital asset roadmap through its membership in Qivalis. The Amsterdam-based company was formed by European banks to develop a euro-denominated stablecoin intended to comply with the European Union’s Markets in Crypto-Assets regulation. Membership has grown to 37 banks across 15 countries.

Qivalis aims to operate as an electronic money institution under supervision of the Dutch central bank and is targeting a launch in the second half of 2026, subject to regulatory approval. The planned token would be backed one-to-one with euros, with initial applications centered on institutional settlement, treasury operations and tokenized assets. In April the consortium selected Fireblocks to supply core infrastructure covering tokenization, wallet services, lifecycle management, identity verification and sanctions screening.

UniCredit’s separate technology evaluation could eventually support client use of stablecoins, though any operational links to the Qivalis project have not been finalized.

Regulatory Framework and European Bank Activity

The European Union’s Markets in Crypto-Assets regulation has provided banks with a clearer legal framework, supervisory structure and set of obligations for offering crypto-related services. Several lenders across the region have already moved forward with custody, trading and tokenization initiatives under this regime.

In Spain, BBVA has rolled out Bitcoin trading and custody to customers through its own infrastructure, while Santander’s Openbank has introduced a trading service. Cecabank, a Spanish custodian, launched crypto custody services in partnership with Bit2Me. In Germany, Deutsche Bank is developing custody capabilities with technology from Bitpanda, and other institutions have secured approvals for related platforms.

Italy’s Banca Sella, also a Qivalis participant, has received approval from the Bank of Italy to provide crypto custody and transfer services. UniCredit’s exploration of similar infrastructure places it among a growing group of large European banks adapting to the new regulatory environment while expanding digital asset offerings for institutional and professional clients.

Details on technology vendors under consideration, potential costs and precise service rollout remain undisclosed as internal discussions continue.