PNC Bank Teams Up With Crypto Exchange Coinbase On New Crypto Offering
The fifth-largest bank in the U.S, PNC, is working on a cryptocurrency project. This was made known by Coinbase to its investors on Tuesday.
Coinbase Hints On Crypto Project With PNC
Coinbase revealed its recent partnership with the Pennsylvania-based bank on an undisclosed crypto project in a shareholder letter.
“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.”
PNC appears to have been working on its crypto-related plans for a while now. The bank placed a job ad for a cryptocurrency product manager months ago. Per the job description, PNC was hunting for a crypto professional experienced with crypto trading, custodian or lending services. The job description added,
“The role will work on scaling operations for our Cryptocurrency investment capability as well as managing all operational aspects pertaining to new Cryptocurrency initiatives.”
Besides its new crypto venture, PNC is also pushing its wealth business into new frontiers. The bank recently renamed its personal-wealth business and is devoting more resources to serve the ultra-rich.
PNC Joins Coinbase’s List Of Numerous Partnerships
Coinbase is one of the biggest names in the crypto industry. It made history this year when it went public. The firm has formed numerous partnerships with both small and big companies in the past, so it is no surprise that PNC is the latest.
In May this year, Invstr, a technology and investment firm, partnered with Coinbase to help launch cryptocurrency trading. Before this, Vast Bank already teamed up with Coinbase to set up its digital asset custody platform. Besides building crypto products for companies, Coinbase has also helped a number of American companies purchase Bitcoin.
Earlier this year, the US-based crypto exchange executed the $1.5 billion Bitcoin investments by electric carmaker Tesla. Coinbase was also selected as the primary execution partner for MicroStrategy’s $425 million Bitcoin purchase.
Several other firms have partnered with Coinbase for various reasons as the firm operates an array of business lines that covers all clients. According to its just-released second-quarter results, more than 9,000 financial institutions now use the exchange to create their crypto products.
Coinbase reported $2 billion in net revenue for the second quarter of the year, smashing expectations as analysts estimated the exchange would post $1.57 billion in transaction revenue.