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PNC Bank Set to Launch Crypto Trading via Coinbase Partnership

American banking giant PNC is preparing to roll out cryptocurrency trading services through a new partnership with Coinbase, according to a recent report by the Financial Times. With over $400 billion in deposits, PNC is among the largest U.S. banks making serious moves into the digital asset space.

This step aligns with a broader trend of traditional financial institutions embracing crypto amid growing regulatory clarity in the U.S. As previously reported by U.Today, JPMorgan is also exploring crypto-backed loans, potentially allowing customers to borrow against their Bitcoin (BTC) and Ethereum (ETH) holdings.

PNC’s crypto ambitions have been in development for years. In 2021, CEO Bill Demchak revealed that the bank had already built a crypto platform but was waiting on regulatory green lights before launching. The upcoming Coinbase integration marks a major milestone in realizing that vision.

This won’t be PNC’s first blockchain initiative. In 2018, it became the first U.S. bank to adopt Ripple’s xCurrent system for cross-border payments. More recently, PNC increased its institutional exposure to Bitcoin by raising its stake in the Bitwise Bitcoin ETF (BITB) to $67 million.

With this latest move, PNC is positioning itself to better compete with other major players in the crypto-financial services arena.