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:

“The role will work on scaling operations for our cryptocurrency investment capability as well as managing all operational aspects pertaining to new cryptocurrency initiatives.”

PNC Bank didn’t return requests for comment.