PNC Bank, one of America’s leading financial institutions, is preparing to provide its customers with cryptocurrency purchase, sales and storage services by working with Exchange Coinbase, cryptocurrency.
In a joint statement on Tuesday, PNC said it will use Coinbase’s enterprise “Crypto-as-a-Service” (CAAS) platform to build its own crypto transaction infrastructure.
The Pittsburgh-based bank allows customers to buy, sell and store Bitcoin and other digital assets safely. PNC will also provide specific banking services to Coinbase, further strengthening its mutual partnership.
This strategic partnership between PNC and Coinbase is seen as a major shift in the historical distance of the traditional banking sector from cryptocurrency. Cryptocurrency companies have previously accused the banking sector of being “hostile” towards them.
An allegation surfaced earlier this year at a Congressional hearing that banks intentionally avoided providing services to certain sectors. Although lawmakers on both parties agreed, different views were expressed as to the root cause of the issue. However, the banking industry has denied these accusations, claiming that outdated and complicated regulations are the reasons why they cannot provide services.
The announcement of the PNC-Coinbase partnership comes as President Donald Trump’s crypto-friendly policies are gaining momentum. Last week, Trump signed a law establishing a dedicated regulatory framework for Stablecoins, a much-anticipated step in the industry. Other major banks, including Bank of America and Citibank, have also announced plans to launch their own stubcoin.
“Our partnership with Coinbase allows us to deliver innovative Crypto Financial Solutions to our customers faster,” PNC CEO William Demchak said in a statement. “Through this partnership, we can meet the growing demand for secure and easy access to digital assets on PNC’s trustworthy platform.”
*This is not investment advice.