- PNC partners Coinbase to help customers buy, sell crypto inside accounts.
- New deal lets PNC clients hold crypto without leaving trusted bank.
- Federal crypto laws open doors for banks offering secure digital assets.
PNC Bank is making a big move into the world of digital assets. On Tuesday, PNC Bank announced that it will offer crypto services to its clients through a new partnership with Coinbase. This is following the signing of new federal crypto laws, which grant banks greater leeway to venture into crypto.
PNC Bank to Offer Crypto Buying, Selling, Custody for Customers
According to Bloomberg, PNC Bank will allow customers to purchase, sell, and even custody cryptocurrencies. The customers will not have to switch out of their PNC accounts to accomplish this. Instead, they will have an opportunity to gain direct access to crypto via the platform of PNC. This simplifies and makes it safer for customers to deal with digital assets.
The collaboration is between the long history of trusted banking that PNC has owned and the high-quality crypto technology of Coinbase. PNC will be using Coinbase Crypto-as-a-Service (CaaS) platform to provide crypto services. The platform will assist PNC in keeping transactions safe and easy to its clients.
According to William S. Demchak, the chairman and CEO of PNC, this action will assist the bank in addressing the emerging needs of customers. This collaboration with Coinbase allows us to expand crypto financial products to the market faster, Demchak clarified. He further stated that PNC will also expose Coinbase to its high-quality banking services. This is to say that both companies will gain from the agreement.
The leaders of Coinbase are not left behind. Brett Tejpaul, who is the head of Coinbase Institutional, commended the good reputation of PNC. According to him, the safe tools that Coinbase has will assist PNC to develop a secure and expanding crypto business. Tejpaul says that the technology of Coinbase will enable PNC to expand its crypto services without compromising safety.
PNC May Join Stablecoin Projects with JPMorgan, Citi, Bank of America
The decision is significant since regulators have been using a scare tactic on banks to avoid providing crypto services. The FDIC recently posted letters indicating that crypto firms were prohibited from collaborating with banks. Yet, as a result of the new federal crypto regulations, such as the GENIUS Act, additional banks might do the same as PNC.
At the moment, many banks are focused on stablecoins. Stablecoins are a type of cryptocurrency that tries to maintain a stable value, most often pegged to the dollar. The CEO of PNC has stated that the bank can participate in the stablecoin projects of other large banks. This is a subject that JP Morgan, Citi, and Bank of America have all discussed on recent earnings calls.
Such a collaborative venture reveals that conventional banks regard crypto as a significant component in their future. Collaborating with Coinbase, PNC will be able to provide secure crypto services without having to develop everything by themselves. The customers will enjoy a convenient means of experimenting with digital assets with the confidence of the secure banking platform of PNC.
This is another success for Coinbase. The company has been struggling to demonstrate to the regulators that it can cooperate with trusted banks. PNC has a chance of collaborating with Coinbase to show that crypto can be integrated with the conventional financial system.
Finally, the new crypto services developed by PNC may become an opening to other banks. In case additional banks join the crypto world, ordinary citizens can have an opportunity to purchase and secure digital assets more easily. Due to this, crypto may become an ordinary component of individual banking in the future.
