фото показано с : invezz.com

PNC, the fifth-largest bank in the US, is joining hands with San Francisco-based Coinbase to offer its clients crypto investment services. A report unveiled this news earlier today, citing Coinbase’s shareholder letter. Reportedly, the crypto investment service is just part of the bank’s broader digital assets and blockchain strategy.

According to the report, Coinbase did not share more details on its partnership with the Pennsylvania-based national bank. Despite the scarce information, Coinbase’s disclosure of this collaboration verifies information from a source that previously claimed PNC is gearing up to launch a crypto service in the coming quarters. The source also revealed that the bank is working on a crypto-centric future.

Allegedly, the bank started searching for someone that would lead its crypto and blockchain innovation effort. Per the source, the role is that of a crypto product manager, and the incumbent would be tasked with coming up with ways that PNC can use the blockchain as it explores the innovation cycle of cryptos. On top of this, the source disclosed that the role extends beyond looking into investment opportunities.

The bank had also posted a job description for a Philadelphia-based position. PNC noted that the person that takes on the role would work on scaling operations for its Cryptocurrency investment capability as well as managing all operational aspects of new Cryptocurrency initiatives. However, the bank took down this post.

With this disclosure, PNC has become the latest and, perhaps, the largest mainstream bank to dip its toes in the nascent asset class. In the shareholder letter, Coinbase also disclosed that it had forged partnerships with Elon Musk, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.

This news comes after NYDIG, a crypto custody firm, said hundreds of US banks would adopt crypto this year. The company made this claim after partnering with Fidelity National Information Services to let US banks offer Bitcoin. At the time, the company’s said that hundreds of banks had already joined the program.

Although the crypto market has not yet witnessed an influx of banks, Rob Lee, the Head of Digital Banking at Fidelity National Information, believes large banks might feel pressured to embrace crypto if smaller banks continue trickling into the burgeoning industry. Although the recent crash might have prevented financial institutions from adopting crypto, the market has stabilized and is rallying again.

The post Coinbase discloses that it is working on a crypto deal with PNC Bank appeared first on Invezz.

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