PNC taps Coinbase to create crypto trading offering for bank customers
PNC will use Coinbase's institutional "crypto-as-a-service" platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase.
The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry.
Lawmakers earlier this year held a hearing to scrutinize U.S. banks and their regulators in response to claims they deny services to particular industries.
Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause.
The banking industry has fiercely resisted accusations it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot.
The partnership announcement comes as U.S. President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies.
Trump signed a law on Friday to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks including Bank of America and Citibank have said that they are exploring issuing their own stablecoins.
"Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," William Demchak, PNC CEO, said in a statement. "This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform."
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The Independent
13 minutes ago
- The Independent
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Reuters
14 minutes ago
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But just weeks later, they released a joint memo dismissing long-running conspiracy theories, stating there was 'no incriminating client list' and no evidence of blackmail. That walk-back sparked outrage among Trump's base, especially after Attorney General Pam Bondi had previously promised to release 'a lot of names' and 'a lot of flight logs.' MAGA supporters were particularly enraged that no new material was produced in the Epstein files review and that Trump's DOJ found no existence of a so-called 'client list' of high profile co-conspirators. The president even started calling the whole ordeal the 'Epstein hoax' and claimed Democrats were to blame for stoking conspiracies in an effort to divide Republicans. Now, under pressure, the administration reversed course. 'President Trump has told us to release all credible evidence,' Blanche wrote on social media, before asking a federal court to unseal grand jury transcripts from both Epstein's and Maxwell's cases. The judges in charge - Richard Berman and Paul Engelmayer - have ordered the DOJ to submit its arguments by July 29, and have given Maxwell, a representative of Epstein's estate, and the victims until August 5 to file their responses. Speaking from the Oval Office on Tuesday, Trump said he supports the outreach. 'I think it would be something - sounds appropriate to do, yeah,' he told reporters. The president has called parts of the Epstein scandal a 'hoax,' and has publicly criticized his own supporters who have become fixated on the idea of a government cover-up. But he has also told Bondi and Blanche to pursue all legitimate evidence. Just last week, the DOJ opposed Maxwell's request to have the Supreme Court review her case, with her lawyers claiming she should have never been charged because of a 2008 plea deal the courts struck with Epstein. But Maxwell's team has now hinted she may be ready to cooperate now that most of her appeals have failed. Maxwell's journey from international socialite to inmate has been as dramatic as it is disturbing. Once a fixture of British high society and New York elite circles, she rubbed shoulders with royalty, billionaires, and political power players. After her father, media tycoon Robert Maxwell, died in 1991 under suspicious circumstances, Ghislaine found herself under the wing of Epstein - eventually becoming his confidante, girlfriend, and accomplice. In court, four women testified that Maxwell groomed them as teenagers for Epstein and, at times, participated in the abuse herself. She was convicted in 2021 on charges of sex trafficking, conspiracy, and transporting a minor for illegal sexual activity. She did not testify at her trial, but gave two depositions in earlier civil cases, in which she denied wrongdoing and accused Epstein's most vocal accusers of fabricating stories. Her brother, Ian Maxwell, who has publicly defended her since her 2020 arrest, claimed this week that the infamous 'client list' is a myth. 'I don't think it constitutes a list of alleged people to whom young minor girls were trafficked,' he told Piers Morgan Uncensored. 'Ghislaine's position has been: she doesn't believe such a list existed.' Ian also warned of the danger Maxwell faces behind bars. 'Prisons are very dangerous places,' he said. 'We know from Ghislaine that there are serious staff shortages and more dangerous higher-risk-category prisoners now being admitted.' Maxwell's legal team has long argued that she should never have been prosecuted, citing the 2007 non-prosecution agreement Epstein signed in Florida, which extended immunity to his co-conspirators. But federal prosecutors in New York successfully argued that the deal did not apply outside Florida, and moved forward with the case that ultimately led to her conviction.
