Cryptocurrency custody may become a new direction for UniCredit: Italy’s second-largest bank intends to expand its range of services and add tools for working with digital assets.
What UniCredit Plans to Launch
The Milan-based bank is selecting a technology provider to help build infrastructure for storing, buying, and selling cryptocurrencies. It is not just about basic market access: UniCredit views digital assets as part of a broader financial ecosystem.
The scope of future services may include tokenized investment products, fixed-income instruments, and stablecoins. For the bank, this means working with a new type of asset: from an accounting perspective, such an asset requires a reliable custody model, access control, and transaction verification.
Why Banks Are Becoming More Active in Digital Assets
The interest of major European banks has increased amid the development of MiCA regulation. The new rules have made the market clearer for traditional financial organizations and reduced uncertainty around launching crypto services.
UniCredit is moving in the same direction as other major players. Spain’s BBVA has already added bitcoin trading for retail clients, and Deutsche Bank, together with Bitpanda’s technology division, is working on custody solutions for digital assets.
How UniCredit Has Already Worked With the Crypto Market
The bank is not entering the digital finance space for the first time. In 2025, UniCredit offered professional clients a structured product with full loss protection, linked to the iShares Bitcoin Trust fund from BlackRock. This format allowed market exposure to bitcoin without direct ownership of the coin.
In addition, UniCredit is part of a consortium of 37 European lenders creating the company Qivalis. Its goal is to issue a euro-pegged stablecoin.
What Matters in Digital Asset Custody
Cryptocurrency is technically based on a public key cryptosystem: access to funds depends on how the key is protected in cryptography, and transaction verification is linked to an electronic signature. Therefore, a cryptocurrency wallet, password, encryption, and backup are not secondary details but the foundation of security.
- Use complex passwords and do not reuse them across different services.
- Regularly back up your wallet and make sure it can be restored.
- Store private keys and seed phrases separately from your main device and do not share them with third parties.
- Enable two-factor authentication where the wallet or service supports it.
Whoever controls the private key controls access to the cryptocurrency; therefore, keys and backups should not be stored like ordinary passwords.
For the bank, computer security, reliable software, and control over every transaction are critically important. In IT, a transaction must go through secure infrastructure, especially if the client operates via the internet or an online digital currency exchange service.
How to Choose a Cryptocurrency Storage Method
There is no single best wallet for everyone: the choice depends on the amount, transaction frequency, and whether the owner is ready to be responsible for the keys. For frequent payments, a hot wallet is more convenient; for long-term storage—a cold or hardware wallet; and for a banking scenario—a custodial model with transaction control.
- Hot wallets work via the internet and are suitable for quick transactions.
- Cold wallets isolate access from the network and are more often used for long-term storage.
- Hardware wallets, such as Trezor, store keys on a separate device.
- Paper wallets involve storing keys or recovery phrases on a physical medium.
- Mobile wallets are convenient for everyday access from a smartphone.
- Desktop wallets are installed on a computer and depend on its security.
- Web wallets are accessible via a browser but require special attention to passwords, phishing, and two-factor authentication.
Hardware Wallet, Seed Phrase, and Backups
A seed phrase is a set of words for restoring access to a wallet. It is best stored separately from passwords, not sent via messengers, and not kept in plain view in the cloud.
- Set up the hardware wallet on a trusted device and save the seed phrase before transferring funds.
- First, send a small test amount, then transfer the main volume of bitcoins.
- If using a flash drive, it is safer to store an encrypted backup on it rather than the only copy of the key.
- Protect yourself from phishing: check website addresses and do not enter the seed phrase in online forms.
- Reduce the risk of technical failures: update software and keep a backup separate from the main device.
If the private key or seed phrase is lost, access can only be restored via a previously made backup or through a custodial service if the assets were stored with such a provider.
Who Is Responsible for Custody
- Custodial model: the bank or a specialized organization is responsible for custody; advantage—lower risk of losing access independently, risk—dependence on the custodian’s infrastructure.
- Self-custody: the owner is responsible for the keys; advantage—direct control over assets, risk—loss of the private key, seed phrase, or password.
- Hardware custody: keys are isolated on a separate device, such as Trezor; advantage—less exposure to online threats, risk—need to securely store the device and backup.
- Exchange custody: convenient for buying, selling, and frequent transactions, but assets depend on the exchange’s security, account access, and enabled two-factor authentication.
What Will Change After All Bitcoins Are Mined
Bitcoin has an emission limit. When new coins stop being issued, miners will focus on transaction fees, and for users, secure storage of access to already existing coins will remain key.
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