$410 billion asset management group, PNC Bank, is partnering with Coinbase to offer crypto services to its customers. The partnership is still in its early stages, but it will allow PNC Bank clients to trade cryptocurrency using their PNC accounts.
“This partnership with Coinbase enables us to explore where we think the market holds the most promise, where there’s the most demand and, frankly, where our clients are really most interested in,” Emma Loftus, head of treasury management at the Pittsburgh-based bank, said in a recent interview. According to Loftus, the partnership will ensure that PNC customers can deal in crypto transactions while remaining logged into their PNC Bank accounts.
Loftus went on to add that PNC is also interested in use cases for commercial and corporate clients for payments and treasury-management functions. PNC Bank does see potential for settling payments in the form of digital assets in the future, but it’s not yet possible. “As crypto becomes more ubiquitous at the point-of-sale or negotiated into contracts to purchase goods, being able to support our clients to be able to settle in that currency — for lack of a better word — will be important,” she said. “But that’s not tomorrow.”
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PNC Bank Joins Other US Banks in Crypto Interest
PNC Bank isn’t the first US institution to discuss bringing crypto to its customers as a service. JPMorgan and CitiBank have also hinted at implementing crypto services and even offering stablcoins to their customers. Following US President Donald Trump passing the GENIUS stablecoin bill, demand for the asset tied to fiat is rising. Thus, institutions like PNC Bank and JPMorgan Chase are working to support that demand from new crypto customers.
While JPMorgan and Citigroup have hinted at plans to work with stablecoins, PNC expects one will eventually be led by an industry consortium, according to CEO William Demchak. PNC “would clearly be part of that,” Demchak said on an earnings conference call last week. “Partnering with Coinbase accelerates our ability to bring innovative, crypto-financial solutions to our clients. This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platforms,” Demchak added.
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“PNC is a market leader in delivering best-in-class products for their clients,” Brett Tejpaul, Coinbase’s head of institutional division, said in a statement. “We’re thrilled to support their entry into the digital asset market.”