PNC says it will also provide “select banking services” to Coinbase as part of the technology deal.
PNC Bank in the US is working on a new crypto offering for its banking clients and institutional investors in partnership with Coinbase. The product expansion will see PNC leverage Coinbase’s Crypto-as-a-Service (CaaS) platform to provide the bank’s clients with access to crypto custody and trading services.
Coinbase launched its CaaS infrastructure offering in June. As well as custodial solutions, the CaaS platform also supports banks with infrastructure for facilitating crypto-based trade financing, as well as loans collateralised by crypto assets, stablecoin payment rails, and tokenisation and staking services.
PNC says the partnership will initially focus on enabling clients to buy, hold, and sell cryptocurrencies. In return, the bank says it will provide “select banking services” to Coinbase, although further details of this have not been disclosed.
PNC chairman and CEO William Demchak says the deal with Coinbase accelerates the bank’s ability to bring crypto financial solutions to its clients, adding that the partnership “enables us to meet growing demand for secure and streamlined access to digital assets”.
The bank, headquartered in Pittsburgh, Pennsylvania, was previously among the first US financial institutions to join RippleNet in September 2018, adopting the blockchain-based platform to process cross-border transactions. It now joins the likes of Webull Pay, e-toro, Futu, Rain, PayPal, and iTrustCapital in adopting the Coinbase CaaS solution.
Source: https://www.fintechfutures.com/
