PNC Bank is planning a cryptocurrency project with Coinbase
PNC Bank is planning a cryptocurrency project with Coinbase By Editor DailyBitcoin Editor

A source told Coindesk that PNCBank

is expected to unveil a cryptocurrency-related service. The mention in the earnings report ratifies this.

***
Coinbase said Tuesday that it is working with PNC Bank,

the fifth-largest U.S. bank, on a previously undisclosed crypto project.

So says the second quarter earnings report filed by Coinbase

yesterday:

“First, adoption continued at a rapid pace during the quarter despite market volatility. We are encouraged by the progress we made over the past year as we build out our institutional suite of product and service offerings. As an example, 10% of the 100 largest hedge funds by reported assets under management have chosen to join Coinbase, and many clients select us as their exclusive partner.”

And it continues:

“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments.”

Of all these partners, PNC Bank is striking given that it had not been vocal about its support for the crypto world. However the report to Coinbase shareholders gives no further details. The media outlet CoinDesk asked more about it and both Coinbase and PNC

declined to answer.

Coindesk explained that a source had previously told it that PNC Bank is expected to unveil a cryptocurrency-related service in the coming quarters. The service would give the Pennsylvania-based national bank more seamless access to cryptocurrency investments for its customers, the source said. It’s just one facet of PNC’s broader Blockchain

and digital assets strategy.

PNC

and crypto

Should this news materialize, PNC would be the latest conventional megabank to enter the world of digital assets, and perhaps the largest to do so with the Coinbase exchange

, the biggest name in the industry in the United States.

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Recall Coindesk that PNC is already plotting a more crypto-centric future and months ago began looking for an employee to lead its innovation push. The job was for the position of crypto product manager, who will consider how PNC could leverage Blockchain technology while exploring the “innovation cycle” of cryptocurrencies, the source said, cautioning that the role was about more than investment opportunities

.

A (since deleted) 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 related to new cryptocurrency initiatives.”

Coinbase: high volume

The news yesterday took a bit of a backseat to Coinbase’ s report that it posted revenue of more than USD $1.9 billion in trading during the second quarter of this year.

In its earnings report filed for the period between April and June this year, it detailed that this capitalized USD $1.9 billion is due to its more than 8.8 million users actively trading on the platform, who make up the most active sector of the total 68 million people registered through its platform.

Sources: CoinbaseReport, Coindesk, archive

Version by DiarioBitcoin

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