The sixth-largest bank in the US just announced a strategic partnership with Coinbase in a push to massively expand digital asset access for banking clients and institutional investors.
PNC says it will allow customers to buy, hold and sell Bitcoin and crypto assets while also providing banking and treasury management services for Coinbase.
In a press release, PNC says it will roll out an “initial offering” to enable the purchase and custody of crypto assets.
“This partnership brings together PNC’s legacy of client service and innovation with the institutional-grade infrastructure of Coinbase’s Crypto-as-a-Service (Caas) platform to power secure, scalable crypto access for PNC’s clients. PNC and Coinbase will work together to develop an initial offering that will allow clients to buy, hold and sell cryptocurrencies.”
PNC CEO Bill Demchak tells CNBC the partnership will support clients who use stablecoins for payments, empowering digital money movement across retail, wealth and corporate clients.
“We’re not going to produce a stablecoin per se, certainly not in our own name, but we’ll be a wallet, a provider for any coin that any of our clients want to use.”
Demchak says PNC and Coinbase explored a similar partnership years ago but paused due to regulatory restrictions.
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