PNC, the fifth-largest US bank, is reportedly planning to partner with Coinbase to bring a crypto offering for its users.
The bank was founded in 1845 and is listed on the New York Stock Exchange. It currently manages around $380 billion in assets.
The rumor first came to light after Coinbase published its second quarterly report on the 10th where it named PNC as the partner company. The statement read:
“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.”
Coinbase has so far not elaborated on the comment. However, a source revealed to Coindesk that the PNC Bank is expected to provide clients with smoother access to crypto investment products. It has been reported that the bank has recruited crypto assets and blockchain specialists to offer its services.
PNC is the latest on the list of major financial institutions looking to be involved in the digital asset space and probably the largest one to collaborate with Coinbase.