The bank will offer clients access to digital assets via Coinbase, as well as select banking services to the exchange.\n<\/p>\n
PNC Bank, a financial services giant with more than $550 billion<\/a> in assets under management (AUM) announced a partnership<\/a> with the United States\u2019 largest centralized exchange (CEX), Coinbase, to bring digital asset services to its clients.<\/p>\n Per an official press release from the U.S. bank, PNC and Coinbase will be collaborating to \u201cdevelop an initial offering\u201d that allows its clients to buy, hold, and sell cryptocurrencies. <\/p>\n PNC\u2019s CEO William Demchak was quoted in the release as saying: “Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,\u201d adding that the partnership will go both ways: <\/p>\n \u201cWe will also provide PNC’s best-in-class banking services to Coinbase. This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”<\/p>\n The mutual partnership is the latest between CEXs and traditional banks<\/a>, merging two previously opposing sides of the financial sector. <\/p>\n The unofficial ban on U.S. banks interacting with the crypto sector was brought to light in 2023 and dubbed \u201cOperation Chokepoint 2.0\u201d<\/a> by crypto venture capitalist Nic Carter<\/a>, a name that the industry quickly adopted. As part of the opaque regulatory crackdown, crypto-friendly banks such as Silvergate, Metropolitan Commercial, and Customers Bancorp faced intense scrutiny and, in some cases, even shutdowns.<\/p>\n