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PNC taps Coinbase to create crypto trading offering for bank customers

PNC taps Coinbase to create crypto trading offering for bank customers

CNA3 days ago
PNC Bank is working with cryptocurrency exchange Coinbase to offer crypto trading to the bank's customers, the companies said on Tuesday, in a sign that crypto is moving toward becoming increasingly interconnected to mainstream finance.
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.
WHY IT'S IMPORTANT
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 It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot.
CONTEXT
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.
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Dollar falls against yen as markets weigh new trade deal, Japanese politics

CNA

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Dollar falls against yen as markets weigh new trade deal, Japanese politics

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Philippines hopes to further lower tariff rate to around 15%, says ambassador to US
Philippines hopes to further lower tariff rate to around 15%, says ambassador to US

CNA

time5 hours ago

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Philippines hopes to further lower tariff rate to around 15%, says ambassador to US

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Trump says he wants Musk and his companies to thrive in US
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Trump says he wants Musk and his companies to thrive in US

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