Today PNC Bank announced a partnership with Coinbase to provide a Crypto-as-a-Service (CaaS) platform, enabling clients and institutional investors to buy and sell digital assets. In addition, PNC will provide certain banking services to Coinbase. According to the Federal Reserve, the broader PNC group is the seventh largest banking entity in the United States, with more domestic assets than Goldman Sachs.
Emma Loftus, who is head of PNC Treasury Management, told Bloomberg that it will initially offer the service to wealth and asset management clients, allowing them to trade crypto from their PNC accounts.
“This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform,” William S. Demchak, PNC’s CEO and Chair, said in a statement.
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