PNC Bank Planning Crypto Offering With Coinbase

Crypto exchange Coinbase said Tuesday it’s working with PNC Bank, the fifth-largest commercial bank in the U.S. by assets, on a crypto project.

“In recent months, we have formed partnerships with industry leaders including [Tesla CEO] Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments,” a letter from Coinbase to its shareholders read. When asked about the partnership by CoinDesk, the crypto exchange declined to elaborate.

A source had previously told CoinDesk that PNC Bank is expected to unveil a crypto jawn in the coming quarters.

The service would give the Pittsburgh-based national bank more seamless access to cryptocurrency investments for its customers, the source said. It's just one facet of PNC’s broader digital assets and blockchain strategy.

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PNC is the latest mainstream megabank to dip its toe into digital assets, and perhaps the largest to do so with Coinbase. PNC is already plotting a more crypto-centric future and months ago began hunting for someone to lead its innovation push.

That gig – a crypto product manager – will consider how PNC might leverage blockchain technology as it explores crypto’s “innovation cycle,” the source said, cautioning the role was about more than just investments.

A since-removed job description for the Philadelphia-based position was more explicit:

PNC Bank didn’t return requests for comment.