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BTC UniCredit Italy evaluates digital asset infrastructure to expand custody and trading services
Several European banks, including Spain's BBVA, Santander, Cecabank and Germany's Deutsche Bank, are expanding their cryptocurrency custody and trading businesses. At the same time, tests by the Central Bank of Italy showed that stablecoin transfers are fast and inexpensive, but fiat conversion and local payment costs remain the main limiting factors.
UniCredit examines digital asset infrastructure
According to Bloomberg, UniCredit SpA, Italy's second largest bank, is considering providing cryptocurrency custody and brokerage services. The Milan-based lender is selecting a technology provider for digital asset infrastructure, although discussions are still in their early stages. Potential services include tokenized investments, fixed income securities, stablecoin services, and channels for customers to enter the cryptocurrency market.
People familiar with the matter told Bloomberg that UniCredit Bank is evaluating the technology it uses to hold digital assets and support their trading. These people asked to remain anonymous because the discussion was still confidential. However, the bank has not yet determined a final product or service plan. A UniCredit spokesman declined to comment on the plans.
The review follows a series of previous digital asset initiatives by the bank. Last year, UniCredit offered professional clients a structured product linked to BlackRock's iShares Bitcoin Trust Exchange Traded Fund (ETF). In addition, the bank issued Italy's first tokenized mini bond via public blockchain late last year. Tokenization technology allows traditional assets to be issued and transferred through blockchain networks.
European banks add crypto services
UniCredit Bank is also a member of Qivalis, an organization made up of 37 lending institutions from 15 European countries. Qivalis aims to issue a euro-denominated stablecoin. This week, UniCredit announced a minority investment in German lending market platform VCTrade, a move aimed at expanding its capabilities in digital capital markets.
At the same time, other European banks have also launched cryptocurrency-related services. Spain's BBVA has launched Bitcoin trading and custody services through its app, while Bank Santander's Openbank has also launched its own trading service. Cecabank began providing cryptocurrency custody services in June this year through a partnership with Bit2Me. In Germany, Deutsche Bank is using technology from Bitpanda's technology division to develop custody services.
Italian central bank tests stablecoin transfers
The Central Bank of Italy examined stablecoin remittances in a research paper released in July. The researchers tested 200 USDC transfers on 10 channels connecting Italy with Argentina, Brazil, South Africa, United Arab Emirates and Japan.
Testing used Binance, Kraken, Ripio, Foxbit, BitOasis, and Valr. The transaction will take place on March 24 and 26, 2026 and will be mainly completed through the Ethereum network. Research has found that blockchain transfers are relatively fast and inexpensive.
However, the cost of fiat conversion and the local payment system largely determine the overall cost and time efficiency. The Central Bank of Italy concluded that stablecoins do not consistently provide a cheaper or faster cross-border remittance experience than existing payment services.
