PNC Bank and Coinbase Join Forces for Crypto-as-a-Service

PNC Bank has unveiled a strategic partnership with Coinbase to launch a Crypto-as-a-Service (CaaS) platform, aimed at allowing institutional investors and clients to trade digital assets directly through PNC’s infrastructure, reports Ledger Insights. As part of this collaboration, PNC will also offer select banking services to Coinbase.

Ranked as the seventh-largest U.S. banking group by domestic assets — ahead of Goldman Sachs — PNC is expanding its digital finance footprint. Emma Loftus, head of Treasury Management at PNC, told Bloomberg that the service will initially target wealth and asset management clients, enabling crypto transactions from their existing PNC accounts.

“This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform,” said William S. Demchak, PNC’s CEO and Chair.

This move comes as U.S. banking regulators — including the Federal Reserve, FDIC, and OCC — recently rescinded prior guidance that discouraged banks from offering crypto-related services. They clarified that banks do not require advance approval to engage in certain crypto activities.

Recent disclosures from the FDIC, prompted by a Coinbase FOIA request, reveal prior resistance to such partnerships — with some banks reportedly deterred from entering the crypto space. Now, momentum is shifting.

One area attracting significant interest is stablecoins. Following the passage of the GENIUS Act, PNC may join an industry-wide initiative involving stablecoin solutions. Other major banks — including Bank of America, Citi, and JP Morgan — have recently addressed crypto topics during earnings calls, signaling broader institutional interest.