PNC Bank Is Planning a Crypto Offering With Coinbase

Coinbase said Tuesday it’s working with PNC Bank, the fifth-largest bank in the U.S., on a previously undisclosed crypto project. “In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments,” Tuesday’s shareholder letter read.

A source had previously told CoinDesk that the PNC Bank is expected to unveil a crypto jawn in the coming quarters. The service would give the Pennsylvania-based national bank more seamless access to cryptocurrency investments for its clients, the source said. It’s just one facet of PNC’s broader digital assets and blockchain strategy.

PNC is the latest mainstream megabank to dip its toe into digital assets, and perhaps the largest to do so with Coinbase, the industry’s biggest name. PNC is already plotting a more crypto-centric future and months ago began hunting for a hire to lead its innovation push.

PNC Bank Is Planning a Crypto Offering With Coinbase, CoinDesk, Aug 11