$549 Billion PNC Bank Partners Coinbase to Offer Crypto Services

PNC Bank is the latest major U.S. financial institution to jump on the crypto wave. The $549 billion AuM banking giant, which ranks as the seventh-largest U.S. bank, has partnered with crypto exchange, Coinbase, to expand its client offerings to include digital asset services. The exchange’s CEO noted how this partnership will further boost crypto adoption.

PNC Bank Enters Strategic Partnership With Coinbase

In a press release, the banking giant announced that it has entered into a strategic partnership with Coinbase, aimed at expanding access to digital asset solutions for its banking clients and institutional investors.

Furthermore, PNC Bank will provide specific banking services to the top crypto exchange. The bank stated that this partnership combines its legacy of client service and innovation with the institutional-grade infrastructure of Coinbase’s Crypto-as-a-Service (CaaS) platform to help power “secure, scalable crypto access” for its clients.

Additionally, both firms plan to work together to develop an initial offering that will allow its 9 million clients to trade crypto assets. Commenting on the deal, PNC Chairman and CEO William Demchak said,

Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients. We will also provide PNC’s best-in-class banking services to Coinbase. This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.

Meanwhile, PNC Bank joins a growing list of major traditional financial institutions that are expanding their services to include cryptocurrency offerings for their clients. As CoinGape earlier reported, JP Morgan, the largest U.S. Bank, is exploring offering Bitcoin and Ethereum-backed loans to its clients.

In an X post, Coinbase also commented on its partnership with the banking giant. It stated that customers of the U.S. bank wanted easier access to crypto, and now the partnership is about to make it happen. The exchange’s CEO, Brian Armstrong, stated that the easier it is to buy and hold crypto, the faster adoption occurs.

Coinbase Is The Amazon Of Crypto

The PNC Bank Coinbase partnership comes just as Brian Armstrong agreed with remarks that his firm is the “Amazon of Crypto.” In an X post, he stated that Coinbase is the one-stop shop for custody, trading, payments, staking, stablecoins, borrowing, and lending.

Furthermore, he revealed that there are plans to expand their services into tokenization, capital formation, and more. Coinbase’s massive crypto presence in the U.S. is the reason why Bernstein analysts have raised their target for the COIN stock to $510.