PNC Bank has announced the rollout of direct spot bitcoin trading for eligible PNC Private Bank clients, making it the first major U.S. bank to provide this service.
Partnership with Coinbase
The new offering enables qualifying high-net-worth clients to buy, hold, and sell bitcoin through PNC’s digital banking platform, using infrastructure provided by Coinbase.
This move deepens the strategic partnership established between PNC and Coinbase earlier this year to deliver digital asset solutions to PNC’s private banking clientele. Coinbase, which currently has a market capitalization near $74 billion, has reported a 47% revenue increase over the past twelve months.
William S. Demchak, PNC’s chairman and CEO, commented on the launch:
“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.”
Service details and expansion plans
At launch, the bitcoin trading feature is available exclusively to PNC Private Bank clients, who can access custody and trading tools within the institution’s Portfolio View platform.
The bank, which serves high and ultra-high-net-worth individuals across more than 100 offices, intends to gradually expand access to additional client segments and introduce more features in future phases.
Coinbase’s recent developments
Coinbase, the technology partner behind PNC’s new service, has recently faced access issues linked to a Cloudflare outage, though user funds remain secure.
The company has also announced the acquisition of Vector, an onchain trading platform, to enhance its trading ecosystem.
Meanwhile, analysts have downgraded Coinbase’s stock from Buy to Hold due to valuation concerns and uncertainty about the impact of spot bitcoin ETFs on the company’s revenue streams.
