PNC Partners with Coinbase

PNC Bank (NYSE:PNC) today announced a strategic partnership with Coinbase (NASDAQ:COIN) aimed at expanding access to trusted, secure, and innovative digital asset solutions to PNC's banking clients and institutional investors. PNC will also provide select banking services to Coinbase, reflecting both companies' commitment to a more resilient digital financial system.

This partnership brings together PNC's legacy of client service and innovation with the institutional-grade infrastructure of Coinbase's Crypto-as-a-Service (Caas) platform to power secure, scalable crypto access for PNC's clients. PNC and Coinbase will work together to develop an initial offering that will allow clients to buy, hold and sell cryptocurrencies.

"Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," said William S. Demchak, PNC chairman and chief executive officer.

"We will also provide PNC's best-in-class banking services to Coinbase. This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform."

Coinbase, the market leader in trusted digital asset infrastructure, brings its security-first approach and industry scale to the partnership. Brett Tejpaul, head of Coinbase Institutional, said, "PNC is a market leader in delivering best-in-class products for their clients. We're thrilled to support their entry into the digital asset market with our leading Crypto as a Service platform, which provides PNC with a powerful set of tools to develop a scalable, high-growth business, built on a foundation of uncompromising security."

PNC shares galloped $1.41 to $197.47, while those for COIN dropped $5.11, or 1.2%, to $408.52.