PNC Bank partnered with Coinbase to allow eligible Private Bank clients to trade Bitcoin through PNC’s platform.
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.
