PNC, the fifth largest bank in the United States, plans to offer crypto investment services to clients.
On Tuesday, Coinbase said it was working with PNC Bank, the fifth-largest bank in the US, on a previously undisclosed crypto project.
"In recent months, we have established partnerships with industry leaders, including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments," the letter to shareholders said on Tuesday.
PNC Bank is expected to introduce the cryptocurrency in the coming quarters.
This service will provide the National Bank of Pennsylvania with more unhindered access to cryptocurrency investments for its clients. This is just one aspect of PNC's broader digital asset and blockchain strategy.
PNC is the latest major megabank to dive into digital assets, and arguably the largest in the world with Coinbase, the industry's biggest name. PNC is already making plans for a future more focused on cryptocurrency, and a few months ago began looking for an employee to lead its innovation push.
This project, a cryptographic product manager, will consider how PNC can use blockchain technology as it explores the "innovation cycle" of the cryptocurrency, the source said, warning that the role was not just about investment opportunities.
The job description in Philadelphia, which has since been deleted, was clearer:
"This role will work to scale operations for our cryptocurrency investment opportunities, as well as manage all operational aspects related to new cryptocurrency initiatives."