PNC Bank is entering the cryptocurrency market through a partnership with Coinbase.
PNC said in a news release that it will collaborate with Coinbase to create an initial offering that allows banking clients and institutional investors to buy, hold and sell cryptocurrencies. The partnership will feature Coinbase’s “institutional-grade infrastructure” via its crypto-as-a-service (Caas) platform, according to the release.
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” PNC Chairman and Chief Executive Officer William S. Demchak said in the release. “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 release said that Coinbase, the market leader in digital asset infrastructure, will bring a “security-first” approach and industry scale.
“PNC is a market leader in delivering best-in-class products for their clients,” Brett Tejpaul, head of Coinbase Institutional, said in the release. “We’re thrilled to support their entry into the digital asset market with our leading Crypto as a Service platform, which provides PNC with a powerful set of tools to develop a scalable, high-growth business, built on a foundation of uncompromising security.”
Coinbase (NASDAQ: COIN) said in the release that its provides a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. The company also provides infrastructure for onchain activity, referring to a range of activities that can be conducted through blockchain, the secure network that is the infrastructure of cryptocurrency. Coinbase said in the release that onchain is “the new online.”
PNC Bank, part of The PNC Financial Services Group, Inc. (NYSE: PNC), is one of the largest diversified financial services institutions in the United States.
