- PNC Bank and Coinbase have formed a partnership to launch a Crypto-as-a-Service (CaaS) platform.
- The new platform will allow clients and institutional investors to buy and sell digital assets through PNC Bank.
- Initially, the service will be available to PNC Bank’s wealth and asset management clients.
- Federal regulators have recently relaxed rules on banks providing crypto-related services.
- Interest in stablecoins and crypto services is increasing among major U.S. banks.
PNC Bank has announced a new partnership with Coinbase to provide a Crypto-as-a-Service (CaaS) platform. This new offering will allow PNC Bank clients, including institutional investors, to buy and sell digital assets. The move comes as both companies aim to meet rising demand for secure access to cryptocurrencies.
According to the Federal Reserve, PNC Bank is the seventh largest banking entity in the United States, holding more domestic assets than Goldman Sachs. The initial rollout of the new service will target PNC Bank‘s wealth and asset management clients. Emma Loftus, head of Treasury Management at PNC Bank, told Bloomberg that clients will be able to trade cryptocurrencies directly from their PNC accounts.
“This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform,” said William S. Demchak, PNC Bank’s CEO and Chair. In addition to offering crypto trading, PNC Bank will also provide specific banking services to Coinbase as part of the partnership.
Federal regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), recently pulled back advisories that cautioned banks against providing crypto services. These regulators have also clarified that banks do not need advance permission to support certain crypto activities.
Documents released by the FDIC, as part of a Coinbase campaign using the Freedom of Information Act, showed that several banks wanted to offer crypto services but faced regulatory pushback in the past. The shift in regulatory posture has opened the way for new partnerships, like the one between PNC Bank and Coinbase.
Currently, stablecoins—types of cryptocurrencies pegged to stable assets like the U.S. dollar—remain a major area of interest for banks. The passage of the GENIUS Act last week has further increased attention on this sector. William S. Demchak indicated that PNC Bank may soon join industry-wide banking initiatives related to stablecoins. Other major U.S. banks, such as Bank of America, Citi, and JP Morgan, have also discussed similar topics during recent earnings calls.
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