PNC Bank Becomes First Major US Bank To Enable Bitcoin Trading Through Coinbase Integration

• PNC Bank partnered with Coinbase to allow eligible Private Bank clients to trade Bitcoin through PNC’s platform.
• PNC aims to offer secure and well-designed digital asset options that align with clients' financial needs.
• In July, PNC Bank partnered with Coinbase to enhance digital asset services for clients.

Coinbase (COIN) and PNC Bank (PNC) announced Tuesday that they will be collaborating to enable eligible Private Bank clients to trade Bitcoin (BTC) directly through PNC's platform.

According to Coinbase, PNC is the first major U.S. Bank to launch spot Bitcoin trading through its platform in collaboration with the exchange. Coinbase Institutional said that this development allows mainstream U.S. banks to move more quickly toward adopting cryptocurrencies. This is especially interesting because it comes from a top-10 bank that has traditionally served conservative, wealthy clients. 

The company said the integration was made possible by its Crypto-as-a-Service infrastructure, which will give PNC’s clients safe, easy access to Bitcoin without having to leave their current banking environment. It eliminates the necessity for customers to open accounts on external exchanges, offering access to Bitcoin trading within PNC’s established and regulated banking framework. 

At the time of writing, Coinbase's stock (COIN) was trading at around $280.60. The stock was up 2.33% in afternoon trade. On Stocktwits, retail sentiment around the crypto exchange was in the ‘bullish’ zone, and the overall message volume remained at ‘low’ levels. PNC’s stock was trading at $201.64, marking a 1.99% increase at the time of writing, and extending its intraday gains after briefly reaching $202 earlier in the session. 

Meanwhile, Bitcoin’s price traded at $93,979.84 at the time of writing, up nearly 4% in the previous 24 hours. On Stocktwits, retail sentiment towards the token was in 'bullish' territory, while chatter around the asset remained at 'low' levels.

Crypto-as-a-Service

Coinbase said the integration was made possible by its Crypto-as-a-Service infrastructure, which will give PNC’s clients safe, easy access to Bitcoin without having to leave their current banking environment. It eliminates the necessity for customers to open accounts on external exchanges, offering access to Bitcoin trading within PNC’s established and regulated banking framework.

PNC said it plans to make more features and services available to more clients in the next phases of the offering. PNC's chairman and CEO, William S. Demchak, stated that the bank sees increasing interest in digital assets and believes it has a responsibility to provide secure, well-designed options that are consistent with clients' overall financial lives. 

Tuesday’s move comes after PNC Bank partnered with the platform in July to provide clients with access to secure and user-friendly digital asset services. As part of the partnership, PNC agreed to provide Coinbase with various banking services as part of a collaborative effort to create a robust digital financial infrastructure. 

Read also: Bitcoin Treasuries Have Surged 448% In Two Years, Says Glassnode

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