PNC Bank has launched direct spot bitcoin trading capabilities for eligible clients of PNC Private Bank.
This move makes PNC the first major U.S. bank that has come to market with such an offering. The platform, powered by Coinbase’s Crypto-as-a-Service infrastructure, allows PNC customers to buy, hold and sell bitcoin directly through PNC’s own digital banking platform.
“As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives,” William Demchak, chairman and CEO of PNC, said. “Our work with Coinbase allows us to provide clients with access to bitcoin trading in a controlled and familiar environment, consistent with the standards they expect from PNC.”
The first generation of PNC’s new “crypto for clients” solution integrates Coinbase’s institutional-grade CaaS infrastructure within the PNC Private Bank Online platform.
“This collaboration demonstrates how traditional financial institutions and on chain-native companies can work together to expand access to digital assets in a safe and compliant way,” Brett Tejpaul, co-CEO of Coinbase Institutional, said. “PNC has taken a thoughtful, disciplined approach, and we’re pleased to support their efforts with our secure and institutional-grade infrastructure trusted by institutions around the world.”
PNC plans to expand access to additional client segments and introduce enhanced features and services in the future.
PNC Private Bank serves high-net-worth and ultra-high-net-worth individuals, families, family offices, and business owners.