PNC Bank, America’s 7th largest bank, has partnered with Coinbase to provide cryptocurrency trading and custody services directly through its platform. The collaboration targets institutional clients and reflects growing mainstream adoption.
PNC Bank, the 7th largest bank in the US, announced on July 22 a partnership with Coinbase, marking a significant public move by a major traditional US bank into the digital assets sector. This collaboration aims to provide PNC’s clients, including institutional investors, with options to buy, hold, and sell cryptocurrencies directly through PNC’s digital platform.
This partnership between PNC Bank and Coinbase to offer cryptocurrency services to the bank’s clients has been in formation since 2021, when Coinbase announced this collaboration to its shareholders. The announcement is now public; a few days before President Trump signed the GENIUS Act into law, it became clear that this partnership had been waiting for better regulation to take effect.
PNC Bank Leverages Scale to Deliver Institutional Crypto Services
PNC Bank is the 7th largest bank in the United States, with $549.3 billion in total assets and 90,000 clients nationwide. The agreement gives PNC’s clients access to Coinbase’s Crypto-as-a-Service (CaaS) platform. Through this integration, PNC will offer crypto trading and custody solutions, backed by Coinbase’s infrastructure on the bank’s platform.
PNC will also provide certain banking services to Coinbase, underscoring the two companies’ shared interest in enhancing the digital financial system.
According to PNC Chairman and CEO William S. Demchak, “the bank is responding to client demand for digital asset solutions. The partnership is designed to meet those demands while maintaining PNC’s focus on trust and security for its customers.”
Traditional Banks Embrace Digital Asset Integration Trend
PNC’s move exemplifies a new trend among established financial institutions that seek to integrate digital assets into mainstream banking services. Major banks have faced pressure from both clients and competitors to innovate their offerings, especially as broader interest in cryptocurrencies and blockchain-based financial products grows.
Large banks, like JPMorgan Chase, have announced plans to launch crypto collateral for lending, and BNY Mellon is the bank that will custody the reserve for the new stablecoin from Ripple Labs.
PNC’s entry with a direct crypto trading and custody option stands out for bringing these features into a customer-facing bank platform, instead of operating through separate investment arms or pilot programs.
What Does This Partnership Mean For Clients of PNC Bank?
The first product from the PNC-Coinbase partnership will let PNC clients buy, sell, and hold various cryptocurrencies. The service will prioritize security, regulatory compliance, and integration with traditional banking tools.
PNC aims to simplify crypto access for clients by integrating these features into its online banking offering, thereby removing barriers that previously forced customers to use external cryptocurrency exchanges.
For Coinbase, the partnership extends its institutional services footprint further into the mainstream banking world, reinforcing its strategy to serve both crypto-native entities and established financial players.
The new crypto-friendly regulations in the United States are generating a surge in alliances between traditional banks and crypto services. With some rules being relatively recent, we anticipate seeing more partnerships like the one between PNC Bank and Coinbase in the future, involving various stakeholders and benefits for clients of both industries.
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