The American banking giant is turning to digital assets for its customer base.
PNC Financial Services Group, one of the largest U.S. banks by assets, deposits, loans, and branch network, has signed an agreement with Coinbase to introduce digital asset services for its banking clients.
William Demchak, Chairman and CEO of PNC Bank, stated:
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients. We will also provide PNC’s best-in-class banking services to Coinbase.”
Demchak also revealed that PNC Bank plans to join an industry consortium leading a new stablecoin initiative.
Emma Loftus, head of treasury management at PNC Bank, told Bloomberg that the partnership with Coinbase will initially focus on enabling wealth management and private banking clients to trade digital assets directly through their PNC Bank accounts.
The bank is also exploring how digital assets can support payments and treasury operations for corporate clients.
Brett Tejpaul, head of Coinbase Institutional, confirmed that his team is helping PNC Bank enter the digital asset market via the Crypto as a Service (CaaS) platform.
