Coinbase has announced that they are partnering with the fifth largest bank in America – PNC Bank. The partnership was revealed in a shareholders letter and the details of which are undisclosed.
The latest announcement from Coinbase follows on from a steady slew of banks that have started to offer crypto services to their clients – including JP MorganChase, Morgan Stanley, and BNB Mellon. Now, PNC is reportedly set to offer crypto services to their clients.
Coinbase reported several partnerships in the shareholder letter, including their partnership with PNC Bank:
“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments,”
The shareholder letter also expanded on Coinbase’s global vision and their commitment to following legislative requirements across the globe. Despite facing a number of legal battles and legislative limitations, Coinbase outlined its continued commitment to international expansion:
“International expansion is also an important leg of our user growth strategy. Consistent with our vision that the cryptoeconomy can unlock economic freedom around the world, we remain focused on making the long-term investments necessary to drive Coinbase’s expansion into international markets, including diligently pursuing approvals and licenses from regulators around the world where needed. In Q2, we obtained two key licenses which we believe will accelerate our entry into Japan and Germany.”
PNC has not commented on its partnership with Coinbase and the nature of its crypto offerings, however the bank has reportedly been headhunting for crypto related positions.
As the demand for crypto services increase, mainstream banks are responding to the demand with partnerships and providing crypto offerings. And as mainstream banks begin to provide services to retail clients, adoption will also increase as access to cryptocurrency becomes all the more accessible.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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