Italy's UniCredit Bank Expands Cryptocurrency Trading Desk to Include Spot Trading. UniCredit Bank in Italy is expanding the scope of its digital assets division to handle spot trading of cryptocurrencies. According to informed sources, the bank established a proprietary cryptocurrency trading desk within its corporate and investment banking division in 2023, which currently only trades cryptocurrency options, futures, and exchange-traded funds. Although spot trading has not yet commenced, the trading desk has obtained the necessary internal approvals and technical systems. UniCredit Bank is collaborating with Ripple Custody to build custody functions for any type of tokenized asset.

PANews reported on November 15 that Intesa Sanpaolo SpA, Italy's largest bank, is expanding the scope of its digital assets division to handle spot trading of cryptocurrencies, marking the latest move by traditional banks into new markets.

According to informed sources, the bank established a proprietary cryptocurrency trading division within its corporate and investment banking sector in 2023. Since then, the division has only traded cryptocurrency options, futures, and exchange-traded funds. Although spot trading has not yet begun, the trading desk received the necessary internal approvals and technical systems about a month ago.

Cassie Craddock, Managing Director of Ripple UK and Europe, confirmed that Intesa Sanpaolo is collaborating with Ripple Custody (formerly Metaco) to build custodial functions for any type of tokenized asset.

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