UniCredit and CDP launch Italy’s first tokenized minibond on public blockchain

Italy’s capital markets move a step closer to full digitalization with the Unicredit and CDP launch of a tokenized minibond that showcases the potential of blockchain-based securities.

Italy’s first fully tokenized minibond on a public blockchain

UniCredit and Cassa Depositi e Prestiti (CDP) have structured Italy’s first minibond fully tokenized on a public blockchain for E4 Computer Engineering, in line with the FinTech Decree. The deal marks a significant innovation in the country’s financial infrastructure, while preserving the classic characteristics of this alternative debt instrument.

The issuance, announced in Milan on 11 December 2025, totals €5 million and was fully subscribed by UniCredit and CDP. Moreover, the minibond benefits from a 50% SACE guarantee, strengthening the credit profile of the Scandiano-based issuer, which operates in Reggio Emilia.

E4 is a recognized European solution provider and a leader in high-tech segments such as supercomputing (HPC) and artificial intelligence. That said, the operation also looks ahead to quantum computing, an area where E4 is already active and where demand for scalable, digital financing tools is growing rapidly.

Deal structure, maturity and use of proceeds

The €5 million bond, guaranteed 50% by SACE, was subscribed in equal parts by UniCredit and CDP. The instrument has a six-year maturity, including one year of pre-amortization. However, beyond the tenor, the key innovation lies in the way the security has been issued, managed and recorded on-chain.

The proceeds will finance strategic investments for E4, including the expansion of its Rubiera facility to host a new data center. In addition, funds will support the purchase and installation of advanced equipment and systems, reinforcing the company’s positioning in HPC and AI infrastructure.

This transaction is also notable as UniCredit’s 250th structured minibond, highlighting the bank’s long-standing role in developing this segment for Italian SMEs. Moreover, it confirms how digitalisation can coexist with traditional credit enhancement tools such as guarantees and structured documentation.

Full digital lifecycle via blockchain and BlockInvest

The operation introduces a complete digitisation of the issuance and management workflow using blockchain technology, enabled by the BlockInvest platform. Instead of a paper-based process, the lifecycle of the security is handled digitally, from issuance to potential secondary transfers, improving efficiency and traceability.

The tokenisation of the security and its registration on the public blockchain Polygon POS ensure, on one side, a significant simplification and greater transparency in issuance. On the other side, subsequent transfers can be executed more rapidly, while every transaction is notarised immutably, enhancing security and operational reliability.

In this framework, the first Italian tokenized minibond on a public blockchain represents a practical example of how distributed ledger technology can support SMEs. Furthermore, it demonstrates how banks and public institutions can cooperate to develop new funding channels that remain compliant with existing regulation.

Step forward for asset tokenisation and SME financing

The project marks another step in the digital evolution of financial markets towards asset tokenisation, enabling faster, more traceable and integrated processes. Moreover, it shows how token-based infrastructures can be applied not only to large corporate issues but also to instruments tailored for small and medium-sized enterprises.

Within this context, UniCredit and CDP aim to deploy innovation to benefit SMEs, widening their access to capital through more efficient and fully digital tools. The partners see blockchain as an enabling layer for new financial products, including future applications of digital currencies and smart-contract-based workflows.

According to the parties, this approach can help Italian companies finance growth, research and development in sectors such as supercomputing, artificial intelligence and quantum computing, where speed and reliability of funding are increasingly strategic.

Strategic statements from UniCredit, E4 and CDP

Remo Taricani, Deputy Head of Italy at UniCredit, underlined the strategic relevance of the initiative. He recalled that the bank was among the first, in 2017, to introduce minibonds as an alternative financing tool for SME investments and has since supported approximately 250 SMEs for about €1.4 billion, exporting the product to other geographies.

Taricani stated that this new phase in the evolution of the instrument is driven by digitalisation and distributed technologies, combined with the potential use of digital currencies. However, he stressed that innovation is being introduced while preserving the core function of minibonds as a long-term financing channel for the real economy.

Cosimo Damiano Gianfreda, CEO of E4 Computer Engineering, described the operation as a source of great satisfaction for the company. He highlighted that the collaboration with UniCredit has been ongoing for many years, characterised by trust and a shared strategic vision for growth in supercomputing and AI.

Gianfreda added that participation in this initiative in the field of tokenised minibonds is considered an important development for the financial sector. Moreover, he expects the transaction to support E4 in consolidating its current strong growth and in facing the rapid changes and high dynamism that define its industry.

Andrea Nuzzi, Head of Business at CDP, framed the project as further proof of CDP’s focus on financial innovation. He pointed out that investing in Italy’s first tokenized minibond on public blockchain is a milestone in a journey started in 2024, when CDP began exploring the benefits of blockchain technology in the capital markets.

Nuzzi emphasised that the transaction, carried out with UniCredit, strengthens CDP’s commitment to supporting businesses with advanced tools and confirms its leadership in the alternative finance segment. That said, he also noted that blockchain-based structures must remain accessible and understandable to issuers and investors.

Roles of key partners in the transaction

For this first fully digital minibond issuance in Italy, several specialised players contributed alongside UniCredit and CDP. BlockInvest provided the technological platform that enabled the end-to-end digital process and on-chain registration of the security.

Weltix acted as registry manager, ensuring the proper maintenance of records linked to the tokenised security. In parallel, international law firm Simmons & Simmons served as advisor on legal, documentary and tax aspects, helping align the structure with the FinTech Decree and broader regulatory requirements.

UniCredit operated both as arranger and subscriber, while CDP participated as an institutional investor, combining public support with private-sector expertise. Moreover, the presence of multiple specialised actors illustrates how token-based transactions require a coordinated ecosystem.

Outlook for tokenisation in Italian capital markets

This operation suggests that Italy’s capital markets are ready to scale up projects based on asset tokenisation, particularly for SME financing. In the medium term, structures similar to this tokenized minibond could be replicated across different sectors and ticket sizes, leveraging public blockchains and dedicated platforms.

If adopted more widely, these solutions could shorten settlement times, cut operational costs and increase transparency for both issuers and investors. Furthermore, they may open the door to new forms of secondary liquidity, provided that regulatory and infrastructure frameworks continue to evolve in step with innovation.

Overall, the UniCredit and CDP initiative with E4 demonstrates how blockchain technology can move beyond experimentation into concrete, scalable use cases for corporate finance in Italy.