PNC Bank Is Planning a Crypto Offering With Coinbase

Coinbase said Tuesday it’s working with PNC Bank, the fifth-largest bank in the U.S., on a previously undisclosed crypto project.

“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments,” Tuesday’s shareholder letter read. When asked by CoinDesk, Coinbase declined to elaborate.

A source had previously told CoinDesk that the PNC Bank is expected to unveil a crypto jawn in the coming quarters. 

The service would give the Pennsylvania-based national bank more seamless access to cryptocurrency investments for its clients, the source said. It’s just one facet of PNC’s broader digital assets and blockchain strategy.

Read more: Coinbase Rakes In $1.9B in Transaction Revenue in Q2, Beating Estimates

PNC is the latest mainstream megabank to dip its toe into digital assets, and perhaps the largest to do so with Coinbase, the industry’s biggest name. PNC is already plotting a more crypto-centric future and months ago began hunting for a hire to lead its innovation push.

That gig – a crypto product manager – will consider how PNC might leverage blockchain tech as it explores crypto’s “innovation cycle,” the source said, cautioning the role was about more than investment opportunities.

A since-removed job description for the Philadelphia-based position was more explicit:

“The role will work on scaling operations for our Cryptocurrency investment capability as well as managing all operational aspects pertaining to new Cryptocurrency initiatives.”

PNC Bank did return requests for comment.