Coinbase explains that it works alongside companies such as PNC Bank, SpaceX, and Tesla. A source also clarifies that in the upcoming months the bank will make its foray into bitcoin official.
One of the biggest US banks is worried because customers now demand more exposure to bitcoin (BTC) due to high traffic in the cryptocurrency market.
According to reports, the crypto-asset exchange Coinbase, PNC Bank, the fifth-largest bank in the United States of America in assets, has joined forces with the platform to access bitcoin.
The document, released on August 10, explains in detail that many customers have selected Coinbase as their exclusive access source to cryptocurrencies. In recent months, Coinbase got to form alliances with industry leaders, including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.
Although the bank based in Pittsburgh has not yet confirmed the information, a source from the financial institution clarified that in the coming months the adoption of bitcoin will be official news, according to Coindesk.
According to what the source said, the intention of PNC Bank, which operates in 21 states, is to give more balanced access to cryptocurrency investments for its clients.
About the PNC Bank, it is worth considering that PNC Bank belongs to PNC Financial Services Group, Inc., a bank holding and a financial services corporation that also works with life insurance.
In that sense, the bank published a report last June called “Cryptocurrencies and blockchain technology in healthcare.” The letter explains in detail that cryptocurrencies and blockchains are bringing a new digital transformation and are becoming so popular that leaders in healthcare finance should pay closer attention and start learning about it.
PNC Bank Would Join the Big Banks that Receive Bitcoin
If PNC Bank’s exposure to bitcoin gets confirmed in the next few months, it will be part of the list of big banks in the United States of America that have embraced cryptocurrency to a lesser or greater extent.
Recently, JP Morgan Chase’s private banking unit started offering its wealthy clients a bitcoin fund. Last July, it also extended the service to trade bitcoin and cryptocurrencies to all its customers.
State Street, the second oldest active bank in the United States of America, will also support its private investment fund clients in the collection, standardization, processing, and reporting of cryptocurrencies and other digital assets.
For its part, Morgan Stanley, a renowned financial institution, became the first traditional bank to bring to its service stock the purchase of bitcoin to its customers.
According to information from CNBC, the bank prepared the launch of three investment funds that would allow the acquisition of bitcoin. The bank brought the announcement to its financial advisers on March 17, according to what the report specified at the time.
By: Jenson Nuñez
