PNC Bank Enables Bitcoin Trading for Private Bank Clients via Coinbase's Platform
PNC Private Bank clients can now trade Bitcoin directly on PNC's platform through Coinbase's Crypto-as-a-Service (CaaS) offering. This initial rollout is focused exclusively on Bitcoin, with plans for future enhancements and additional features. This move follows a strategic partnership established in July between PNC and Coinbase, targeting high-net-worth individuals and business owners who comprise PNC's private banking clientele.
PNC is the eighth-largest commercial bank in the United States by assets, managing approximately $564 billion and serving about 15 million customers. William Demchak, chair and CEO of PNC, stated that the bank aims to provide secure, well-designed options that complement customers' overall financial lives.
Coinbase's CaaS platform, which supports custody, trading, secured lending, stablecoins, and tokenization services for banks, is used by over 260 businesses. The integration with PNC is regarded by Coinbase as a significant milestone in expanding digital asset services within mainstream banking.
This development is part of a broader trend among major banks exploring digital assets; for instance, SoFi has extended its digital services to include Bitcoin, Ethereum, and Solana. Bank of America, with assets of about $2.6 trillion as of September, has announced plans to allocate around 4% of savers' portfolios to cryptocurrency next year.
