PNC strikes deal with Coinbase to bring cryptocurrency services to banking customers

PNC Bank said it has struck a partnership with Coinbase to let clients access cryptocurrencies through Coinbase’s Crypto‑as‑a‑Service platform, while PNC will provide select banking services to the exchange.The companies framed the deal as a way to marry PNC’s compliance and distribution footprint with Coinbase’s institutional‑grade trading and custody stack."Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," PNC Chairman and CEO William S. Demchak said in the announcement. Coinbase Institutional head Brett Tejpaul added that the CaaS toolkit will let the bank set up a scalable, security‑first crypto offering for PNC's 12 million customers.The firms did not disclose any financial terms or a launch date for the offering.The move lands as Wall Street banks edge deeper into digital assets. Standard Chartered recently launched spot bitcoin and ether trading for institutional clients. JPMorgan told clients that regulators outside the United States appear to prefer tokenized bank deposits — onchain versions of traditional balances that always settle at par — over privately issued stablecoins. JPMorgan CEO Jamie Dimon nevertheless said last week the bank "will be involved" with both deposit tokens and stablecoins to stay competitive, even as he questioned why anyone would use a stablecoin instead of a standard payment rail.Meanwhile, the U.S. under President Donald Trump's pro-crypto administration has accelerated supportive legislation for the blockchain-powered industry. Trump recently signed the GENIUS Act into law, standardizing rules for a U.S. dollar-pegged stablecoin industry with over $250 billion in circulation, according to The Block's data dashboard.Senate Republicans also released a discussion draft on the crypto market structure, which they say expands on the Clarity bill passed in the House of Representatives last week.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.