UniCredit Weighs Crypto Custody and Brokerage, Hunts for a Technology Provider

UniCredit has already tested the market through a Bitcoin-linked certificate and Italy’s first public-blockchain tokenized minibond

UniCredit is exploring an expansion into digital assets that would add crypto custody and brokerage, and has started selecting a technology provider to hold the assets and handle client transactions, Bloomberg reported, citing people familiar with the matter.

As per the report, the discussions are early, and no final decision has been made. Areas under consideration include custody and brokerage, tokenized investment products and fixed-income securities, and stablecoin applications for clients. UniCredit has not disclosed which providers it is weighing, how much it might spend, or when it would choose one.

Any crypto services would fall under the EU’s Markets in Crypto-Assets regulation, whose grace period ended on July 1. MiCA requires crypto-asset service providers to hold a license and lets authorized firms passport custody and trading across the 30-country European Economic Area.

Building on Earlier Crypto Moves

Selecting an outside technology provider is the path other large banks have taken into crypto custody. Deutsche Bank tapped Swiss firm Taurus for digital asset custody and tokenization after what the vendor called a detailed selection and due diligence process.