Huitianfu explores digital asset expansion: Seeking a technology provider of crypto custody and brokerage services
According to Bloomberg quoted people familiar with the matter, UniCredit of Italy is exploring plans to expand into the digital asset field and plans to add new cryptocurrency custody and brokerage business. Currently, the bank has begun selecting technology providers responsible for holding assets and processing customer transactions.
It is reported that the discussions are still at an early stage and a final decision has not yet been made. Business areas under consideration include asset custody, brokerage services, tokenized investment products and fixed income securities, as well as customer-facing stablecoin applications. UniCredit has not disclosed a list of specific suppliers it is evaluating, potential investment amounts or a timetable for final selection.
Strategic layout under the compliance framework
Any crypto service must comply with the requirements of the European Union's Cryptographic Asset Markets Regulation (MiCA), whose grace period ended on July 1. MiCA stipulates that crypto asset service providers must hold licenses and allows authorized companies to provide custody and transaction services across jurisdictions within the European Economic Area, which covers 30 countries.
Continuation of previous crypto strategic initiatives
Choosing external technology providers is a common path for other large banks to enter the crypto custody space. For example, Deutsche Bank selected Swiss company Taurus as its partner for digital asset custody and tokenization after a detailed screening and due diligence process.
UniCredit Bank has previously introduced encryption products to customers. In July 2025, the bank launched a five-year, dollar-denominated structured note linked to BlackRock's iShares Bitcoin Trust (IBIT) to professional customers. The product provides full principal protection at maturity, with a yield cap of 85%, and a minimum subscription amount of US$25,000. This is the first of its kind on the Italian market.
In December 2025, UniCredit Bank cooperated with state-owned lender Cassa Depositi e Prestiti to complete Italy's first tokenized minibond issuance on the public blockchain. The bond, with a face value of 5 million euros, was issued by E4 Computer Engineering and recorded on the Polygon network.
In addition, UniCredit Bank is a member of the Qivalis Alliance. The Amsterdam-led alliance has expanded to cover 37 European banks in 15 countries and plans to launch MiCA-compliant euro stablecoins on the Ethereum network in the second half of 2026. The token will be backed one-on-one by euro deposits, subject to approval from the Dutch Central Bank.
Banking industry accelerates its entry into digital assets
Other large financial institutions have also begun to provide crypto services to customers. Spanish Bank Foreign Bank (BBVA) already provides Bitcoin (BTC) trading and custody services to private banking customers in Switzerland; Israel's Leumi Bank has arranged for Galaxy to support its services launched in 2027, covering assets such as Bitcoin, Ethereum (ETH) and Solana (SOL).
UniCredit is also expanding into digital markets beyond encryption. On September 8, the bank acquired a minority stake in VC Trade. VC Trade is a Frankfurt platform that focuses on digitizing bond and loan transactions. The platform is independent of the encryption plan and deeply engages in the debt market. It has currently processed more than 600 transactions with a total amount of more than 90 billion euros.

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