Ravindu Madurajith Herath

PNC Bank, with around $500 billion in assets under management (AuM), has expanded its partnership with Coinbase to offer Bitcoin trading to its clients. With this, the bank becomes the first major U.S. bank to do so, even as institutional crypto adoption heats up.

PNC Partners with Coinbase To Offer Bitcoin Trading
In a press release, the bank announced the launch of direct spot Bitcoin trading capabilities for eligible clients, noting that it becomes the first to market such an offering among the major U.S. banks. The bank will tap Coinbase’s Crypto-as-a-Service (CaaS) infrastructure to enable its clients to buy, hold, and sell BTC directly through its digital banking platform.

PNC further remarked that the launch of this Bitcoin trading offering marks a key milestone in its strategic partnership with Coinbase, which began in July to offer crypto services to its clients. The bank indicated that this Bitcoin trading offering will be available to its high- and ultra-high-net-worth clients, who will be able to access crypto custody capabilities to buy, hold, and sell Bitcoin directly.

The bank stated that Coinbase’s CaaS infrastructure enables it to advance its crypto business and position it as a leader among major banks. Coinbase continues to partner with U.S. banks to advance institutional crypto adoption. The crypto exchange had notably partnered with the largest U.S. bank, JPMorgan, earlier this year to link clients’ accounts with their Coinbase wallets, making crypto purchases easier.

Commenting on this partnership, PNC’s CEO William S. Demchak said, “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.”

He added that working with the top crypto exchange allows them to provide clients with access to Bitcoin trading in a controlled, familiar environment. Meanwhile, the bank also revealed that it plans to expand access to additional client segments and introduce enhanced features and services in future phases of the offering