Italy’s UniCredit is weighing an expansion of its digital asset business, with a focus on launching crypto custody, brokerage services, and tokenized investment products. The banking group, one of Europe’s largest, is currently evaluating the technical infrastructure needed to support these initiatives, but discussions are still at an early stage and the final scope remains undecided.
Crypto custody and brokerage under review
Bloomberg reported that UniCredit is assessing technology providers that could enable clients to hold, buy, and sell digital assets via the bank’s existing platforms. While no definitive decision has been made regarding the selection of partners or the breadth of services to be offered, UniCredit is expected to continue analyzing its strategy and may alter or postpone specific elements as planning advances.
The bank has already demonstrated interest in digital assets. In July 2025, it introduced a structured product for professional customers linked to BlackRock’s iShares Bitcoin Trust ETF. This allowed clients exposure to Bitcoin price movements within a traditional investment structure, providing Bitcoin-linked returns without requiring direct ownership of the cryptocurrency.
UniCredit further signaled its commitment to innovation by issuing Italy’s first tokenized minibond on a public blockchain, illustrating a willingness to deploy blockchain technology in traditional finance.
Focus on tokenized assets and stablecoins
UniCredit is considering a broader range of tokenized financial products, including investments and fixed-income securities, as it develops its digital asset roadmap. Plans also extend to exploring stablecoin applications and increasing cryptocurrency exposure for its clients. These possible offerings could significantly expand UniCredit’s digital asset portfolio and reinforce its competitive standing among European banks.
The bank’s strategy is closely linked to its participation in Qivalis, a consortium of European financial institutions created to launch a euro-backed stablecoin. Since its inception, Qivalis has grown to 37 member banks from 15 countries, signaling widespread industry support.
The proposed stablecoin will be fully backed by euros and designed in compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation. The project’s progress relies on obtaining regulatory clearance, including authorization from the Dutch central bank, with the target launch set for the second half of 2026.
In April, Qivalis selected Fireblocks as the core provider of infrastructure for tokenization, wallets, and digital asset management. The Fireblocks system features identity verification and sanctions screening, reflecting heightened regulatory compliance standards.
Mini dictionary: Qivalis, a European banking consortium formed to develop and launch a euro-backed stablecoin, aims to provide secure and compliant digital currency access for banks and their clients across the EU.
MiCA regulation shapes digital strategies
As European lenders increase digital asset activity, the MiCA framework has laid out comprehensive requirements for crypto-asset service providers and stablecoin issuers throughout the EU. MiCA is designed to standardize regulatory procedures and foster greater market transparency.
Several major banks in the region have already advanced in regulated custody, tokenization, and blockchain-based settlement processes. Banca Sella, another member of the Qivalis consortium, recently received approval to offer crypto custody and transfer services in Italy.
UniCredit is also investing in digital finance infrastructure outside of crypto. The bank recently acquired a minority share in VC Trade, a German platform for lending market transactions, which supports its broader digital capital markets strategy.
Despite ongoing research and development, UniCredit has not revealed which technology vendors it might select, nor has it shared any cost estimates or project timeline. The final decision on whether to proceed with custody, brokerage, stablecoin, or tokenized security services remains pending.
UniCredit is investigating new technology to potentially launch crypto custody, brokerage, and tokenized products, but has not confirmed a provider, cost, or deployment schedule as discussions are still developing.
