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Banking giant UniCredit weighs tokenized products and crypto services for clients: Report
The bank is part of a group of European banks behind Qivalis, which is developing a euro-denominated stablecoin.
UniCredit is considering new digital asset services, including custody and brokerage, as the Italian bank explores building infrastructure to support the sector, Bloomberg reported Friday, citing people familiar with the matter.
The Milan-based lender is selecting a technology provider that would enable it to hold digital assets and facilitate transactions, according to the report. Potential services are still under discussion and no final decision has been made.
UniCredit is considering tokenized investment products and fixed-income securities, stablecoin applications for clients and crypto exposure.
The plans come as European banks ramp up their efforts to expand into digital assets under the bloc’s Markets in Crypto-Assets (MiCA) regulation, which provides a clearer regulatory framework for the sector.
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The bank has so far targeted professional investors and corporations, offering a structured product tied to BlackRock’s iShares Bitcoin Trust ETF earlier this year and issuing Italy’s first tokenized minibond on a public blockchain late last year.
UniCredit also joined other European banks in creating Qivalis to develop a euro-denominated stablecoin. The bank said this week that it acquired a minority stake in VC Trade, a German lending markets platform, to expand its digital capital markets capabilities.