According to a recent report by the Financial Times, American banking giant PNC, which boasts around $400 billion worth of deposits, is on track to allow cryptocurrency trading by teaming up with leading US digital asset exchange Coinbase.
US banking giants are now getting increasingly involved in crypto after the U.S. government swiftly moved to embrace the sector.
As reported by U.Today, banking giant JPMorgan might soon allow its customers to borrow cash while using Bitcoin (BTC) and Ethereum (ETH) as collateral.
PNC's latest move might position it in a better way to compete with major banks.
That said, it is worth noting that this will not be PNC's very first foray into crypto and blockchain. Back in 2018, PNC adopted Ripple's xCurrent cross-border payment system, becoming the very first US bank to do so.
PNC's plan to allow crypto trading has been years in the making. Back in 2021, PNC CEO Bill Demchak said that the bank's cryptocurrency platform was "built and ready." However, he stated that the Pittsburgh, Pennsylvania-based financial services corporation needed more time to enable digital asset trading due to regulatory uncertainty.
It is worth noting that PNC has some substantial institutional Bitcoin exposure, recently increasing its stake in the Bitwise Bitcoin ETF (BITB) to $67 million.
Vladislav Sopov
U.Today Editorial Team
