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Crypto exchange COINBASE has announced that it is partnering with PNC Bank to give the bank’s customers some exposure to crypto. Coinbase revealed the development in a recent shareholders letter.
According to a recent report, the letter states that Coinbase is interested in international expansion and considers it an essential part of the exchange’s growth strategy. The letter says:
“Consistent with our vision that the cryptoeconomy can unlock economic freedom around the world, we remain focused on making the long-term investments necessary to drive Coinbase’s expansion into international markets.”
Coinbase says that the plan for this expansion includes compliance with regulatory climes all over the world. The exchange says it will diligently pursue license and approval wherever needed. The partnership with PNC Bank, America’s fifth-largest bank, goes a long way to help Coinbase with its expansion plans.
Crypto adoption is on the rise as several banks are continuously opening up customer access to crypto. The development will easily ensure that more people get into the crypto sector through the traditional financial institutions they are already familiar with. Apart from PNC Bank, the list includes Morgan Stanley, BNB Mellon, and JP Morgan.
So far, PNC Bank is yet to provide any official word to back the Coinbase partnership. However, reports say that the bank has opened up vacancies for related positions.
Image Credits: Pixabay
