PNC Bank, one of the largest lenders in the U.S., has announced a strategic partnership with cryptocurrency exchange Coinbase to provide crypto services to its clients.
Overview of the PNC and Coinbase Partnership
As part of the new partnership, PNC Bank will enable its customers to buy, sell, and hold Bitcoin and other cryptocurrencies. Coinbase will offer a crypto-as-a-service solution that allows PNC clients to interact with digital assets seamlessly through their bank accounts.
Regulatory Support
Recent moves by regulators in the U.S. suggest an expansion of banks' access to the cryptocurrency market. In April, the Office of the Comptroller of the Currency announced that regulated banks could now buy and sell crypto assets, as well as offer custody services. These changes were made possible by a more proactive stance from the administration during Donald Trump's presidency.
Crypto Services in Banking
PNC's entry into the cryptocurrency space sees it joining financial giants like JPMorgan and Bank of America. Coinbase, in turn, equips PNC with the necessary tools to carry out its crypto initiatives through its crypto-as-a-service platform.
The collaboration between PNC and Coinbase underscores the growing interest and accessibility of cryptocurrencies in the traditional banking sector, potentially transforming how clients engage with digital assets.
