PNC Bank has introduced direct spot bitcoin trading for qualifying PNC Private Bank clients, making it the first significant U.S. bank to provide native bitcoin access directly via its digital banking platform.
This new service enables eligible private banking clients to buy, hold, and sell bitcoin without the need for an external cryptocurrency exchange.
The service is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, offering trading, custody, and settlement capabilities seamlessly integrated into PNC’s Private Bank Online platform through its Portfolio View interface.
This launch follows a strategic alliance between the bank and Coinbase revealed in July, marking a significant step by a major U.S. bank in incorporating spot bitcoin trading into essential wealth management services.
Bitcoin allocations for affluent PNC clients
Recently, Bank of America started permitting its 15,000 wealth management advisers to suggest a 1%–4% allocation to crypto for clients, indicative of a wider shift on Wall Street towards mainstream Bitcoin investment.
The guidance, set to take effect next year, emphasizes regulated bitcoin ETFs from Bitwise, Fidelity, Grayscale, and BlackRock, with the bank advocating a cautious approach and clear expectations regarding volatility.
Likewise, PNC Private Bank caters to high- and ultra-high-net-worth individuals and family offices across more than 100 offices nationwide.
“As client interest in digital assets continues to grow, our responsibility is to provide secure and thoughtfully designed options that integrate within the broader context of their financial lives,” stated Chairman and CEO William Demchak.
He emphasized that the collaboration allows clients to engage in bitcoin trading “in a controlled and familiar environment” aligned with the bank’s regulatory and risk standards.
Under the agreement, Coinbase supplies the institutional-grade infrastructure that supports execution and custody, while the bank keeps the direct relationship with clients.
Coinbase Institutional co-CEO Brett Tejpaul remarked that the partnership illustrates how traditional financial institutions and crypto-native firms can collaborate to enhance access to digital assets safely and in compliance, as reported by Bloomberg reporting.
Tejpaul compared Coinbase’s role to that of cloud service providers like Amazon Web Services, delivering the essential technology while banks concentrate on client services.
The service is currently available only to PNC’s private bank clients, with bitcoin purchases funded through their existing PNC investment management and checking accounts.
PNC executives indicated that this rollout signifies an initial phase of a wider digital asset strategy.
Previously, PNC has offered clients indirect exposure to bitcoin and ether through ETFs, but this represents the bank’s first venture into direct spot trading. According to PNC, there are plans to extend access to other client segments, including institutional investors such as nonprofits, endowments, and foundations, in future phases.
