- Bitcoin trading is now available at PNC, the first major U.S. bank to offer this service.
- PNC clients can buy, sell, and store Bitcoin directly through the bank’s platform.
- Coinbase collaboration positions PNC as a leader in institutional crypto adoption.
PNC Bank, managing approximately $500 billion in assets, has strengthened its partnership with Coinbase to provide Bitcoin trading for its clients. This makes PNC the first major U.S. bank to offer such a service, as institutional adoption of cryptocurrency continues to grow.
According to a press release, the bank declared direct spot trading in Bitcoin to its eligible customers. It becomes the first major bank in the United States to provide such service. With Coinbase Crypto-as-a-Service (CaaS) infrastructure, clients will be able to purchase, store, and make BTC purchases and sales using the digital platform of the bank.
PNC Strengthens Crypto Business with Coinbase’s CaaS Infrastructure
PNC further indicated that this is a milestone in its collaborations with Coinbase, which started in July. The service will offer it to high- and ultra-high-net-worth clients. These customers will also be able to use crypto custody to handle Bitcoin transactions.
The bank also stated that the CaaS infrastructure provided by Coinbase contributes to the further development of its crypto business and positions it among the leading banks. PNC CEO William S. Demchak remarked, “With increased interest in digital assets among its clients, it should provide appealing and safe proposals that integrate into their overall financial lives.
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He further explained that their collaboration with the leading crypto exchange would allow them to offer their clients the opportunity to trade Bitcoin within a regulated, familiar environment. The bank also committed to increasing access to a broader range of client groups and the addition of new features and services in subsequent stages.
Bitcoin Access Expands as PNC Becomes First Major US Bank
Coinbase Institutional, in a post on X, described this move as a major move toward institutional adoption of crypto. The company noted that PNC became the first large bank in the United States to offer such a service.
Coinbase Institutional co-CEO Brett Tejpaul said that this cooperation indicates that more formal banks and on-chain businesses can develop relationships to make digital assets more available and risk-free and compliance-friendly. He continued, PNC has been deliberate and disciplined, and are eager to help them with our safe, institutional-quality infrastructure that is trusted worldwide.
Coinbase CEO Brian Armstrong expressed his excitement about more banks adopting crypto. He also emphasized that PNC’s clients will now have the ability to buy, sell, and hold Bitcoin within their existing accounts.
Also Read: PNC Bank Unveils Spot Bitcoin Access With Coinbase Crypto Trading Services
