By
Steve Muchoki
April 17th, 2024
Current trends prove that all the major multinational banks in the US are taking baby steps into the crypto markets.
In Tuesday’s edition of Coinbase’s shareholder letter, the company disclosed its recent collaboration with PNC Bank to initiate a crypto offering for its clients. The partnership is allegedly one of the most ambitious projects both for PNC and Coinbase.
In the shareholder letter circulated recently, Coinbase emphasized its ongoing partnered projects with companies like SpaceX, Tesla, Third Point LLC, and WisdomTree Investments. Coinbase denied any further disclosure on the project.
Current trends prove that all the major multinational banks in the US are taking baby steps into the crypto markets. PNC Financial Services Group is a bank holding company based in Pennsylvania and stands tall as the fifth-largest bank in the country. The bank was planning a crypto-based project for quite a while, and with this project, one can expect investment funds or a crypto desk for clients. This service would perhaps enable impeccable access to crypto investments for the bank, while the bank establishes other aspects of blockchain technology.
Coinbase, the largest crypto exchange in the US, has however not released any official statement on the project. The strategy of Coinbase is to help PNC acquire a more crypto-centric approach to welcome innovation and development of blockchain in the banking sector. The engagement is typically a crypto product manager that examines how PNC might gauge the potential of blockchain and put it to significant use in crypto opportunities for clients.
Recently in an amazing run for Coinbase, the company’s revenue surged in an unstable quarter that reflected “early days in the crypto ecosystem”. The firm announced net revenue of $2.0 Bn in the second quarter of this year, while the first quarter brought in $1.6 Bn. At present, the firm has 8.8 Mn monthly transactions and is influencing an inflating adoption of crypto assets in the market.
The crypto markets are once again witnessing bullish patterns with Bitcoin acing the price ladder. This has led to a major FOMO in the investing community, hence the recent conformation to crypto platforms and exchanges.