In December, PNC Bank became the first major bank to offer Bitcoin services to eligible clients. The new spot Bitcoin trading facilities will initially be available to high-net-worth clients of PNC Private Bank. They will be able to use the bank’s platform to buy, sell, and hold Bitcoin. Created in partnership with Coinbase, the deal means PNC Bank will also provide banking services to the crypto exchange.
The arrangement relies on Coinbase’s crypto-as-a-service for custody, meaning Coinbase will handle safekeeping of the assets. However, custody fees may apply, and FDIC insurance does not cover Bitcoin purchased through a bank.
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