PNC Bank seems to be the latest mainstream player to jump onto the crypto bandwagon. Recently Coinbase’s partnership with the PNC bank was disclosed through a shareholder letter. PNC Bank is the fifth-largest bank in the US and therefore a big milestone for the crypto exchange Coinbase.
Based on the Coinbase shareholder letter it was confirmed that PNC bank is planning a crypto offering by way of Coinbase. This would give some of the customers, access to cryptocurrency. Some of the shareholders are also mentioned in the shareholder’s letter.
PNC is the latest bank to experience this kind of stuff with Coinbase which is a notable platform. The big players are now being involved in crypto and this is certainly significant. It also speaks about how Coinbase is going to be working with banks going forward. This could be where the breadcrumbs lead to a more interesting path.
The latest move speaks of the concrete nature of how this industry is moving and developing. It also speaks of the rise in the popularity of crypto offerings. This is important just as another data point as the ecosystem continues to expand.
Some of the big players that were mentioned in the shareholder letter included Elon Musk, Tesla, SpaceX. This confirmed some previous reporting by news agencies that Coinbase was involved in getting those firms their vast troves of Bitcoin.
With the recent events, it seems like Coinbase is doing the same with institutional players. With such stories, Coinbase is trying to build up trust and creating a kind of a security blanket for institutional players. However, this time the retail investors are also included. Gone are the days when Coinbase was just considered as a retailer exchange, institutional investment is a big part of their business at present. The numbers for their recent earnings were pretty up strongly, they had whopping revenue numbers and their stock prices were also up.
Coinbase is doing a commendable job attracting all these institutional players. When people are getting involved they seem to be hoping onto Coinbase out of all the possibilities out there.
It is quite remarkable how far the crypto industry and specific players in the industry like Coinbase have come. A decade ago when crypto was fairly new a bunch of ragtag people were seen advocating crypto by calling it a real thing. They argued that this could really mean freedom of money. Back then no one really bought it, however now every week there is another institutional player calling crypto offering a staple. It shows the coming of age of Bitcoin and how it has matured as something that people are considering as part of their regular portfolio.