PNC Private Bank launches direct Bitcoin trading
PNC Bank has launched direct Bitcoin trading for its private banking clients.
It claims to be the first major US bank to provide this service. The platform is powered by Coinbase’s Crypto-as-a-Service infrastructure.
The partnership aims to deliver secure digital asset solutions to private banking clients.
William Demchak, chairman and chief executive officer of PNC, said demand is rising.
“Our responsibility is to offer secure options that fit within their financial lives,” he said. “Our work with Coinbase allows us to provide Bitcoin trading in a controlled and familiar environment.”
The first rollout integrates Coinbase’s infrastructure into PNC’s online platform. Clients can now buy, hold and sell Bitcoin through Portfolio View.
PNC Private Bank serves high-net-worth and ultra-high-net-worth clients. It operates more than 100 offices.
The new service lets clients manage crypto alongside traditional investments in one place.
Brett Tejpaul, co-chief executive of Coinbase Institutional, said the partnership shows how banks and crypto firms can work together. “PNC has taken a thoughtful approach, and we are pleased to support their efforts,” he said.
PNC plans to expand the service to more clients. It will also add new features in future phases.