PNC launches bitcoin trading for private banking clients via Coinbase

PNC Bank (NYSE: PNC) launched direct bitcoin trading capabilities for eligible PNC Private Bank clients through a partnership with Coinbase (NASDAQ: COIN), according to a company statement. The bank described itself as the first major U.S. bank to offer such services.

The service uses Coinbase's Crypto-as-a-Service infrastructure and allows clients to buy, hold and sell bitcoin through PNC's digital banking platform. The offering is available through the Portfolio View feature within PNC Private Bank Online.

PNC Private Bank serves high-net-worth and ultra-high-net-worth clients through more than 100 offices. The bitcoin trading capability integrates with clients' existing banking platform, providing custody services alongside traditional banking functions.

"As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives," said William S. Demchak, PNC's chairman and chief executive officer.

The partnership between PNC and Coinbase was initially announced in July. Coinbase's infrastructure provides trading, custody and financing solutions for the banking platform.

"This collaboration demonstrates how traditional financial institutions and on chain-native companies can work together to expand access to digital assets in a safe and compliant way," said Brett Tejpaul, co-CEO of Coinbase Institutional.

PNC indicated plans to expand the service to additional client segments and introduce enhanced features in future phases. The bank operates as part of The PNC Financial Services Group, which provides diversified financial services across retail banking, corporate banking, and wealth management.

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