PNC Bank partners with Coinbase to offer crypto services to clients

PITTSBURGH - PNC Bank announced Tuesday a strategic partnership with cryptocurrency exchange Coinbase (NASDAQ:COIN) to provide digital asset solutions to its banking clients and institutional investors, while PNC will offer select banking services to Coinbase. The partnership comes as Coinbase demonstrates strong market presence with $6.67 billion in revenue and a substantial market capitalization of over $101 billion.

The collaboration will leverage Coinbase’s Crypto-as-a-Service platform to develop offerings that allow PNC clients to buy, hold, and sell cryptocurrencies through the bank’s platform.

"Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," said William S. Demchak, PNC chairman and chief executive officer, in a press release statement.

Brett Tejpaul, head of Coinbase Institutional, said the company is "thrilled to support their entry into the digital asset market" with its service platform.

The partnership marks a significant step for PNC Bank (NYSE:PNC), one of the largest diversified financial institutions in the United States, into the cryptocurrency space. Coinbase (NASDAQ:COIN) will provide its institutional-grade infrastructure to power secure and scalable crypto access.

The companies did not disclose specific timelines for the rollout of these new services or financial terms of the agreement.

This move comes as traditional financial institutions increasingly explore ways to incorporate digital assets into their service offerings to meet growing client demand for cryptocurrency exposure through established banking relationships.

In other recent news, Coinbase Global Inc. saw significant analyst activity with Piper Sandler and Cantor Fitzgerald both raising their price targets for the company. Piper Sandler increased its price target to $350 from $190, citing a more positive outlook for digital assets and peer group multiple expansion. Meanwhile, Cantor Fitzgerald raised its price target to $500 from $292, attributing this increase to stablecoin growth and a rally in the cryptocurrency market, which has pushed Bitcoin to new all-time highs. Cantor Fitzgerald’s revised earnings estimates project a 2026 earnings per share of $10.76, up from a previous estimate of $8.36. These developments indicate a strong confidence among analysts regarding Coinbase’s future performance.

Additionally, regulatory news has impacted the broader cryptocurrency industry. President Donald Trump signed the GENIUS Act, a bill regulating stablecoins, marking a significant victory for cryptocurrency advocates. This legislative move is expected to bring greater legitimacy to the industry. Furthermore, the U.S. House of Representatives passed a bill expanding the Commodity Futures Trading Commission’s oversight of the digital asset industry, another critical step towards establishing a regulatory framework for cryptocurrencies.

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