The bank will offer clients access to digital assets via Coinbase, as well as select banking services to the exchange.
PNC Bank, a financial services giant with more than $550 billion in assets under management (AUM) announced a partnership with the United States’ largest centralized exchange (CEX), Coinbase, to bring digital asset services to its clients.
Per an official press release from the U.S. bank, PNC and Coinbase will be collaborating to “develop an initial offering” that allows its clients to buy, hold, and sell cryptocurrencies.
PNC’s CEO William Demchak was quoted in the release as saying: “Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” adding that the partnership will go both ways:
“We will also provide PNC’s best-in-class banking services to Coinbase. This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”
The mutual partnership is the latest between CEXs and traditional banks, merging two previously opposing sides of the financial sector.
The unofficial ban on U.S. banks interacting with the crypto sector was brought to light in 2023 and dubbed “Operation Choke Point 2.0” by crypto venture capitalist Nic Carter, a name that the industry quickly adopted. As part of the opaque regulatory crackdown, crypto-friendly banks such as Silvergate, Metropolitan Commercial, and Customers Bancorp faced intense scrutiny and, in some cases, even shutdowns.
Coinbase CEO Brian Armstrong took to X today to share the banking partnership news, posting: “The easier we can make it to buy and hold crypto, the faster adoption happens. Excited to be working with PNCBank, one of the largest banks in the US, to give their clients easy access to buying and holding crypto and using USDC, powered by Coinbase.”
