PNC rolls out direct bitcoin trading for high-net-worth clients through Coinbase tie-up

PNC Bank has launched direct spot bitcoin trading for its high-net-worth private bank clients, making it one of the first major U.S. lenders to allow customers to buy and sell the cryptocurrency within their existing investment accounts. This service utilizes Coinbase's institutional trading and custody infrastructure, allowing clients to execute trades and hold balances without leaving PNC's platform, funding purchases with existing cash balances. PNC executives stated the move aims to retain clients exploring digital assets and prevent them from using external apps, ensuring the bank remains central to the customer relationship. The service, which previously only offered limited access to passive bitcoin and ether ETFs, is expected to expand to institutional accounts, nonprofits, endowments, and foundations early next year. For Coinbase, this partnership extends its strategy of providing the underlying infrastructure for traditional financial institutions offering crypto services.

(Source：The Block)