PNC Bank, which is the U.S.’s largest bank, has formed a new partnership with Coinbase, a leading cryptocurrency exchange. This will enable certain of PNC’s banking customers to purchase, sell, and hold cryptocurrencies such as Bitcoin directly in their PNC account.
In the beginning, these services will only be available to PNC’s wealth and asset management clients. Over time, the bank is expected to find more means of integrating digital assets into its banking services.
PNC’s CEO William Demchak said this partnership will help the bank bring innovative crypto financial tools to its clients. In return, Coinbase will also gain selected banking services from PNC, with both being able to leverage each other’s strength in traditional banking and crypto infrastructure.
PNC is also looking at future possibilities for using digital assets in business payments and treasury management. Although those uses are not presently available, the bank can imagine using cryptocurrency to settle future payments. So that cryptocurrency becomes more widely used in business transactions and everyday purchases at stores.
This announcement comes at a time when major banking executives, such as those at JPMorgan and Citigroup, have signaled interest in stablecoins. PNC believes a stablecoin system will eventually be led by a group of major industry players, and it plans to be part of that effort.
Coinbase’s Head of Institutional, Brett Tejpaul, said they are excited to support PNC’s entry into the crypto space. He highlighted that their Crypto-as-a-Service platform will give PNC the tools needed to build a secure and scalable digital asset business.
In an email to CryptoTimes, a PNC Bank representative stated that the developments are still in the early stages, with more updates expected in the future.
Also Read: Coinbase Launches Regulated Perpetual Futures in the US
