PNC Bank has announced a new partnership with Coinbase (NASDAQ:COIN) to provide Bitcoin and digital asset services to its clients.
The offering will initially be available to PNC’s wealth and asset management customers, allowing them to trade and store Bitcoin and digital assets directly through their accounts.
According to PNC Chairman and CEO William Demchak, the partnership enhances PNC’s ability to deliver Bitcoin and crypto solutions while also extending the bank’s services to Coinbase.
He emphasized that the collaboration meets growing demand for secure access to digital assets on a trusted platform.
The agreement gives Coinbase access to select banking services from PNC and combines the bank’s financial infrastructure with Coinbase’s digital asset expertise to support institutional-level access to Bitcoin.
Emma Loftus, PNC’s Head of Treasury Management, noted that the bank is focusing on areas with strong client interest and potential market growth.
She added that while commercial use cases for digital assets in payments and treasury operations are still emerging, PNC sees potential for settlement in digital assets in the future.
As Bitcoin and digital assets become more common in transactions and contracts, Loftus said, it will be important for banks to support settlement in digital currencies.
Coinbase Institutional’s Brett Tejpaul called PNC a market leader and said the company is excited to power PNC’s digital asset expansion through its secure, scalable Crypto-as-a-Service platform.
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