PNC Bank, one of the largest lenders in the U.S. and a member of The PNC Financial Services Group, is partnering with cryptocurrency exchange Coinbase to bring digital assets and related solutions to its clients.
PNC Bank has entered a strategic partnership with Coinbase in a move that will enable the banking provider offer Bitcoin (BTC) and other cryptocurrencies to its customers.
The digital asset solutions will also be available to PNC’s banking clients as well as institutional investors, with Coinbase providing a crypto-as-a-service solution aimed at allowing PNC customers to buy, sell and hold crypto with their bank accounts.
PNC will also offer banking services to Coinbase, a move that aligns with recent developments across the U.S. In particular, banking regulators have recently moved to clarify banks‘ involvement in the crypto space.
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” said William S. Demchak, chairman and chief executive officer of PNC. “This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”
Banks in the crypto space
The Office of the Comptroller of the Currency said in April that OCC-regulated banks could now buy and sell crypto assets, as well as offer custody and “outsource bank-permissible crypto-asset activities.” The regulator expounded on this in May, with the shift in approach quickly cementing under the pro-crypto administration of President Donald Trump.
A recent statement from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the OCC reiterated banks’ engagement in crypto activities, particularly crypto custody.
PNC’s foray into the crypto space sees it join banking giants such as JPMorgan and Bank of America, among others. Coinbase continues to play a key role in this, with its crypto-as-a-service platform offering PNC the tools it needs to scale the crypto venture.
