Banking giant PNC partners with Coinbase to provide crypto services to its customers
The bank is targeting the segments of digital assets that are most relevant to its client base.
Key Takeaways
- PNC partnered with Coinbase to allow clients to trade crypto assets directly through their bank accounts.
- The partnership highlights growing interest in digital assets, with future plans to expand into payment settlements and stablecoin initiatives.
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PNC Financial Services Group, which ranks among the largest US banks by assets, deposits, loans, and branch network, has collaborated with Coinbase to provide digital asset services to its banking clients, according to a Tuesday press release.
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” said William Demchak, PNC chairman and CEO. “We will also provide PNC’s best-in-class banking services to Coinbase.”
Demchak has indicated that PNC expects to be part of an industry consortium that will lead a stablecoin initiative, signaling the bank’s readiness to integrate stablecoins into its financial services.
The collaboration with Coinbase will focus first on enabling wealth- and asset-management clients to trade crypto assets through their PNC accounts, said Emma Loftus, who leads PNC’s treasury management division, in a statement to Bloomberg.
According to Loftus, the partnership allows PNC to test and explore different areas of the crypto market, particularly those showing high potential or strong customer interest. The goal is to enable customers to buy and sell digital assets within their accounts.
PNC is also exploring how digital assets could support payments and treasury management for corporate clients, though Loftus noted that development in these areas is still in its infancy. She said digital asset settlement may hold future promise.
As crypto assets become more widely accepted in everyday transactions, PNC wants to be prepared to help its clients utilize them for those payments, Loftus noted, adding that “it makes sense” for PNC to prioritize digital asset infrastructure and integration now, given accelerating market interest and evolving regulatory clarity.
Brett Tejpaul, head of Coinbase Institutional, said that the team is supporting PNC’s entry into the digital asset market, with their Crypto as a Service platform that will offer the tools needed to build a scalable, high-growth business rooted in strong security.
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