PNC Bank, with around $500 billion in assets under management (AuM), has expanded its partnership with Coinbase to offer Bitcoin trading to its clients. With this, the bank becomes the first major U.S. bank to do so, even as institutional crypto adoption heats up.
PNC Partners with Coinbase To Offer Bitcoin Trading
In a press release, the bank announced the launch of direct spot Bitcoin trading capabilities for eligible clients, noting that it has become the first to market such an offering among the major U.S. banks. The bank will tap Coinbase’s Crypto-as-a-Service (CaaS) infrastructure to enable its clients to buy, hold, and sell BTC directly through its digital banking platform.
PNC further remarked that the launch of this Bitcoin trading offering marks a key milestone in its strategic partnership with Coinbase, which began in July to offer crypto services to its clients. The bank indicated that this Bitcoin trading offering will be available to its high- and ultra-high-net-worth clients, who will be able to access crypto custody capabilities to buy, hold, and sell Bitcoin directly.
The bank also stated that Coinbase’s CaaS infrastructure enables it to advance its crypto business and position it as a leader among major banks. Commenting on this partnership, PNC’s CEO William S. Demchak said, “As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives.”
He added that working with the top crypto exchange allows them to provide clients with access to Bitcoin trading in a controlled, familiar environment. Meanwhile, the bank also revealed that it plans to expand access to additional client segments and introduce enhanced features and services in future phases of the offering.
A Major Milestone For Institutional Crypto Adoption
In an X post, Coinbase Institutional described this move as a major milestone for institutional crypto adoption. The firm noted that PNC is the first major U.S. bank to market with such an offering.
Commenting on the partnership, Coinbase’s Institutional co-CEO Brett Tejpaul said that this collaboration demonstrates how traditional financial institutions and on-chain native companies can work together to expand access to digital assets in a safe and compliant way. “PNC has taken a thoughtful, disciplined approach, and we’re pleased to support their efforts with our secure and institutional-grade infrastructure trusted by institutions around the world,” he added.
Meanwhile, Coinbase CEO Brian Armstrong shared his excitement at seeing more banks embrace crypto. He also highlighted the fact that PNC’s clients will now be able to buy, sell, and hold Bitcoin in their existing accounts.
Source: https://coingape.com/pnc-partners-coinbase-to-become-first-major-u-s-bank-to-offer-bitcoin-trading/
