Pittsburgh-based PNC Bank and Coinbase Global Inc. launched a partnership this week aimed at expanding access to digital asset solutions for PNC’s banking clients and institutional investors.
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” said William Demchak, PNC chairman and chief executive officer.
PNC Bank, which is a member of The PNC Financial Services Group Inc., also said Tuesday it will provide select banking services to Coinbase in an effort to help support a more resilient digital financial system.
“We will also provide PNC’s best-in-class banking services to Coinbase,” Demchak added. “This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”
The 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, according to the companies.
Additionally, PNC and Coinbase will collaborate to develop an initial offering that will allow clients to buy, hold, and sell cryptocurrencies.
“PNC is a market leader in delivering best-in-class products for their clients,” said Brett Tejpaul, head of Coinbase Institutional. “We’re thrilled to support their entry into the digital asset market with our leading [Caas] platform, which provides PNC with a powerful set of tools to develop a scalable, high-growth business, built on a foundation of uncompromising security.”