Overview
- Bloomberg and other outlets reported Friday that UniCredit is evaluating external technology providers to build infrastructure for crypto custody, brokerage and tokenized products, but the talks are at an early stage and no decision has been made.
- The bank is considering services that include tokenized investment and fixed-income securities, stablecoin uses for client treasury and settlement, and routes for clients to gain exposure to cryptocurrencies.
- UniCredit has already tested crypto-linked offerings for professional clients, including a structured product tied to BlackRock’s iShares Bitcoin Trust ETF and the issuance of a tokenized minibond on a public blockchain.
- The move takes place inside the EU’s Markets in Crypto-Assets framework, which gives banks clearer rules and a supervisor for stablecoins and custody and makes third-party provider authorization and oversight central to any arrangement.
- Next steps to watch are whether UniCredit names a provider, what specific roles that provider would play for custody versus execution and compliance, and how the bank’s recent minority investment in VC Trade and its participation in the Qivalis euro-stablecoin project shape any final offering.