- Key insight: Major banks such as PNC are embedding direct bitcoin trading into client platforms starting with private banking.
- Expert quote: Deloitte's Roy Ben-Hur: "Digital assets are moving from the periphery of finance into the mainstream."
- Forward look: Expect broader rollouts of crypto trading in banks and additional regulatory guidance in the future.
Source: Bullet points generated by AI with editorial review
PNC Bank and Coinbase have launched direct access to spot bitcoin trading for eligible PNC Private Bank customers.
The Pittsburgh-based national bank released a limited rollout of its new bitcoin buy, sell and hold capabilities this week in fulfillment of a goal announced in July of this year when PNC and Coinbase
"This collaboration demonstrates how traditional financial institutions and on-chain-native companies can work together to expand access to digital assets in a safe and compliant way," said Brett Tejpaul, co-CEO of Coinbase Institutional.
PNC, a Top 10 bank in the U.S. based on its $550 billion-asset size, is one of the first major banks to bring bitcoin trading directly to its digital platform. Other major banks have also
The PNC launch allows eligible private banking customers to purchase and trade bitcoin directly in their accounts without navigating to a third-party crypto wallet.
"As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives," said PNC Chairman and CEO William Demchak in a statement. "Our work with Coinbase allows us to provide clients with access to bitcoin trading in a controlled and familiar environment, consistent with the standards they expect from PNC."
Experts say that the PNC crypto trading launch indicates a trend among major banks in favor of bringing cryptocurrency into their operations.
"This partnership is less about technological innovation and more about a continued industry-wide structural shift," Deloitte digital assets financial services leader Roy Ben-Hur told American Banker.
According to the company, PNC plans to expand access to its direct bitcoin trading service to additional client segments in future phases of the offering.
Duane Block, Accenture's digital assets lead, told American Banker that big banks providing crypto access is "a natural extension" of the financial relationships established with clients, particularly in the digital age.
"The integration of crypto offers another example of the increasing demand for exposure to this $3 trillion asset class," he said.
Ben-Hur said that embracing digital assets is quickly becoming a competitive necessity for big banks.
"Broadly, this latest announcement signals to the market that digital assets are moving from the periphery of finance into the mainstream," he said. "This legitimizes crypto as both an asset class and a banking service, opening the door for broad, institutional adoption and acceptance by other major banks."
Ben-Hur noted that the launch will give crypto markets a capital and credibility boost from traditional bank clients becoming investors.
"While further clarity related to regulation and risk is required, the overall impact is strongly positive for digital asset market evolution," he said.
