UniCredit Explores Digital Asset Custody and Brokerage
UniCredit plans digital asset custody and brokerage push as the European banks place bets on digital asset businesses
UniCredit SpA is considering expanding its offerings in digital assets, including early-stage plans to build out its custody and brokerage capabilities according to Bloomberg.
The Italian bank is in the process of selecting a technology provider that would allow it to build the infrastructure needed to hold digital assets and facilitate their buying and selling.
➡️ European banks’ digital-asset strategies broadly fall into three overlapping areas:
1️⃣ Tokenisation: capital markets and funds
- BNP Paribas, Société Générale; Crédit Agricole; Deutsche Bank; DZ BANK; DekaBank / SWIAT; LBBW; KfW; Santander; Intesa Sanpaolo; UniCredit; UBS
The activity ranges from individual bond transactions to platforms for issuance, distribution and asset servicing.
2️⃣ Payments (stablecoin or tokenized deposits)
- The most visible collective initiative is Qivalis, which brings together 37 European banks to develop a regulated euro stablecoin. Société Générale and Crédit Agricole have also launched their own stablecoins.
Tokenized deposit feature much less prominently than in the US, UK and global market.
3️⃣ Custody and brokerage: connecting clients to digital assets
- Santander, BBVA, Commerzbank and DZ Bank, BPCE
Custody-trading is the least crowded field out of the three and distribution remains fragmented by country, customer segment and banking channel.
➡️ That is where UniCredit’s franchise becomes relevant.
Its established wealth businesses in Italy, Germany and Austria provide an existing route to clients who may prefer to access digital assets through their bank.
As banks dip their toes into digital assets, it is important to understand where they should be placing bets, GIVEN their existing commercial strengths and constraints.
For UniCredit, its wealth franchise offers a compelling starting point.
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