The bank will leverage Coinbase’s institutional-grade “crypto-as-a-service” platform to curate a service enabling PNC clients to purchase, hold, and dispose of cryptocurrencies. The Pittsburgh-based bank will also extend specific banking services to Coinbase.

Why This Matters: The partnership between PNC and Coinbase represents a significant shift in the banking industry, which was once accused by crypto firms of being unsupportive. Earlier this year, a hearing was held by lawmakers to scrutinize U.S. banks and their regulators following allegations of service denial to specific industries. While both parties agreed that some clients may be unjustly denied services, the root cause remained a point of disagreement.

The banking industry has vehemently denied accusations of service denial based on ideological grounds, arguing that outdated, burdensome, and vague regulations sometimes hinder their services or their ability to explain service limitations.

The announcement of this partnership comes in the wake of the U.S. President Donald Trump and his administration’s endorsement of cryptocurrencies and the implementation of policies favorable to the industry. Trump recently signed a law to regulate cryptocurrencies pegged to the dollar, known as stablecoins, marking a significant achievement for the digital asset sector. Several banks, including Bank of America and Citibank, have expressed interest in issuing their own stablecoins.

Key Quote: “Our partnership with Coinbase enhances our ability to offer innovative, crypto financial solutions to our customers,” said William Demchak, PNC CEO. “This collaboration allows us to cater to the increasing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”

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The document, labeled “Crypto-Asset Safekeeping by Banking Organizations,” details risk factors that banks need to consider, such as understanding the intricacies of a rapidly evolving asset class, potential legal liabilities if crypto assets are misplaced, and the legal and compliance obligations under the Bank Secrecy Act and Anti Money Laundering regulations.

The document further notes, “Providing crypto-asset safekeeping services may entail significant resources and attention.” The agencies behind this document are the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve System.

Banks often engage third-party services to handle their crypto asset custody. For example, asset manager BlackRock utilizes Coinbase and subsequently Anchorage for Bitcoin (BTC) custody. BNY Mellon, the oldest bank in the US, also provides digital asset custody services for its clients. However, the document emphasizes that banks remain answerable for the actions of their sub-custodian. This could have significant implications if a bank’s custodian is attacked, resulting in lost crypto assets.

The document underlines the necessity of audit programs, addressing the peculiarities of crypto assets, including key generation, transfer and settlement of assets control, and staff expertise. If such programs are lacking within the bank, it is advised that “management should engage appropriate external resources…to assess crypto-asset safekeeping operations.”

There have been recent hints that banks are considering branching out into crypto. The Wall Street Journal reported in May that a group of big banks was in “early talks” to issue a joint crypto stablecoin. The regulatory environment currently holds appeal, especially as governing bodies have eased the transition into crypto. For instance, the Federal Reserve has removed the “reputational risk” criteria from its bank oversight, which was previously criticized for unfairly targeting crypto businesses.

In contrast, some crypto-based companies are contemplating becoming banks themselves. On July 2, Ripple, the creator of XRP (XRP), applied for a banking license with the OCC. Circle, the creator of stablecoin USD Coin (USDC), has followed suit.

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The statement, which was issued on Monday, emphasizes that the three major US federal banking agencies are concerned with the safekeeping of cryptocurrencies. The agencies have clarified that the statement does not establish any new supervisory expectations.

The agencies urged banking organizations to evaluate potential risks associated with new crypto-related products and services. Those risks encompass cybersecurity, control over keys, and the management of other sensitive information, as per the joint statement.

“A banking organization that is contemplating offering custody services for crypto-assets should consider the evolving nature of the crypto-asset market, the underlying technology of crypto-assets, and implement a risk governance framework that adapts to the relevant risks,” the agencies advised.

In the past few months, since the inception of President Trump’s administration, several agencies have provided clarifications on their stance toward crypto regulations. For instance, in May, the OCC stated that US banks are allowed to buy and sell crypto assets on their own behalf. The FDIC has also adjusted its position on cryptocurrencies, stating that it will permit financial institutions to engage in crypto activities without prior notification to the agency.

Key agencies have also seen the appointment of crypto-friendly regulators. Last week, Jonathan Gould, a former blockchain executive, was confirmed by the Senate to lead the OCC. Gould had served as the chief legal officer at Bitfury and was previously the senior deputy comptroller and chief counsel at the OCC.

Disclaimer: The Block is an independent media outlet that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver unbiased, impactful, and contemporary information about the crypto industry. This article is intended for informational purposes only and is not to be interpreted as legal, tax, investment, financial, or other advice.

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Supporters of XRP are amplifying their narrative this week, dubbing the digital asset as potentially “the greatest wealth transfer in history”. They assert it’s more than just another cryptocurrency. According to them, XRP is already revolutionizing international finance and rendering old financial systems obsolete.

Noted influencer Coach JV champions Ripple as a pioneer in remodelling the financial landscape. He believes that XRP isn’t here to compete with banking institutions but to substitute them. He highlights that XRP Ledger transactions settle in 3–5 seconds at a fraction of a penny, significantly outperforming SWIFT transfers that take days and can cost up to $50 each.

XRP currently trades around $2.25, but Coach JV predicts that this value won’t remain stagnant for long if the token continues to gain regulatory greenlights and new collaborators.

Reports suggest that RippleNet now boasts over 300 financial entities in its network. However, XRP’s daily on-chain volumes are roughly $1 billion—a small fraction compared to the global cross-border flows of about $150 billion per day. Banks are experimenting with the technology, but substantial money transfers are yet to occur.

XRP enthusiasts closely monitor the US, anticipating a surge of interest in XRP ETFs. Analysts like Eric Balchunas give these filings a high likelihood—up to 95%—of getting approved by the year’s end. If an ETF is listed on a US exchange, they believe it will attract more investments. Ripple is also actively pursuing money-transmitter licenses in Europe and Asia, each new approval bringing it closer to wide-scale adoption.

Coach JV continues to encourage patience among his followers, using phrases like “greatest wealth transfer in history” to stress his point. He foresees “unimaginable wealth” for those who hold on to XRP. Other commentators, like Edoardo Farina, note that only about 1 to 2 million people currently own XRP, leaving space for potentially 100 million or more new entrants—and more buyers generally mean higher prices.

However, some experts advise caution. They point out that ambitious predictions don’t assure large-scale adoption by banks or regulators. An ETF approval won’t necessarily lead to immediate investments. Pilot programs may not always evolve into full-scale implementations. Therefore, XRP remains a high-risk investment. Investors are advised to closely monitor on-chain metrics and regulatory developments before succumbing to the hype.

The post “XRP: A Golden Opportunity in the Making, Claims Influencer—The ‘Greatest Wealth Transfer’ Beckons” appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Reports indicate that this audacious prediction first emerged in 2022, when game developer and prominent XRP supporter, Chad Steingraber, proposed a strategy involving major banks and tokenized assets.

The bold forecast has recently resurfaced on social platform X, sparking renewed discussions on the potential future value of this digital token.

Steingraber believes the first step involves issuing stablecoins and central bank digital currencies on the XRP Ledger. He suggests that the introduction of new tokens on the platform would necessitate the use of XRP for transaction settlement, thereby boosting daily demand.

Currently, the XRP chain hosts only a few tokens, but Steingraber anticipates this number will surge into the hundreds. If even 100 new coins adopt XRP settlements, annual demand could increase by billions of dollars.

According to Steingraber, the second driver is banks treating XRP like a reserve asset. Financial institutions would not just trade it on public exchanges but store XRP in private ledgers to back their own digital currencies. Several institutions have already announced plans to include XRP in their reserve assets. If each firm holds hundreds of millions of dollars in XRP, it could significantly reduce the supply available in open markets.

Steingraber believes that if large institutions lock away most of the XRP tokens, the circulating supply could dip below 100 million. This could lead to a classic supply shock, and prices could escalate from mere cents to thousands of dollars in a matter of hours.

However, this prediction does not come without its hurdles. XRP is currently embroiled in a legal battle with the US Securities and Exchange Commission, and a negative outcome could deter deals and discourage banks. Additionally, XRP faces competition from rival chains like Ethereum and Solana that already host tokenized assets.

The $20,000 mark seems far-fetched and hangs on three big “ifs”: robust growth in tokenization, banks holding XRP as reserves, and a significant supply squeeze. Yet, the intriguing theory has captured the attention of XRP traders, who are now keenly observing legal filings and ledger activity.

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In January, Intesa Sanpaolo, the largest bank in Italy, embarked on what its CEO Carlo Messina called “an experiment”, purchasing digital assets worth 1 million euros in Bitcoin, the leading cryptocurrency. The bank had established a proprietary trading desk for digital currencies in 2023, and began facilitating spot trades with crypto assets last year.

However, Panetta expressed worries that those who hold crypto assets may not completely comprehend their nature, potentially mistaking them for conventional banking products. He warned that such misconceptions could lead to negative impacts on the trust in the credit system, especially if losses occur.

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Beginning in June, specific non-profit organizations along with registered crypto exchanges will be permitted to sell their cryptocurrencies in South Korea. Non-profit organizations can cash out the crypto they amassed via donations, while exchanges can liquidate user fees collected in cryptocurrency.

The country’s top financial watchdog, the Financial Services Commission (FSC), announced on Tuesday that crypto exchanges and their banking partners must meticulously verify and scrutinize the source and purpose of transactions from new institutional clients.

The reinforcement of KYC procedures aims to safeguard the domestic crypto and fiscal market from potential money laundering threats, highlighted the FSC. In accordance with this objective, the watchdog stated that institutions, including their CEOs, should be closely observed for any money laundering-related activities.

The Korea Federation of Banks along with the Digital Asset Exchange Association (DAXA) is anticipated to circulate these directives to exchanges and banks later this month.

The FSC further disclosed that measures are underway to permit publicly listed companies and professional investor entities to trade on crypto exchanges by the second half of 2025. This will be accompanied by additional anti-money laundering mandates.

South Korea boasts one of the largest spot crypto markets globally. The country’s retail investors are especially keen on altcoins. By the close of last year, South Korea had approximately 9.7 million crypto exchange users, nearly 20% of the total population, per recent FSC data.

In the latter half of 2024, South Korea registered a daily average crypto trading volume of $5.26 billion, with the local crypto market cap swelling by 91% to reach $77.6 billion.

The forthcoming presidential election in June has put crypto in the spotlight, with both major candidates advocating for the reversal of the ban on spot crypto exchange-traded funds.

Disclaimer: This article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice. The Block operates independently to provide accurate, impactful, and timely information about the crypto industry.

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FDIC-regulated institutions were informed about this change via a letter named “Notification of Engaging in Crypto-Related Activities,” which was disseminated on April 7, 2022. The regulatory body further clarified this new stance in a press release issued on March 28, 2025.

The press release affirmed that FDIC-supervised institutions can now undertake permissible crypto activities without the need for FDIC’s nod of approval. The statement read, “This FIL affirms that FDIC-supervised institutions may engage in permissible activities, including activities involving new and emerging technologies such as crypto-assets and digital assets, provided that they adequately manage the associated risks.”

The permissible activities encompass crypto and digital asset issuance, crypto-asset custody services, management of stablecoin reserves, and involvement in blockchain and distributed ledger-based settlement or payment systems, among others. However, the FDIC insists that the institutions must adhere to existing laws and regulations, and all activities must comply with FDIC policies and standards.

The organization also highlighted potential risks, such as liquidity, operational, market, and cybersecurity, and advised banks to satisfy consumer and anti-money requirements and coordinate with suitable supervisory teams.

As part of its effort to create regulatory clarity, the FDIC intends to work alongside the President’s Working Group on Digital Asset Markets to enhance banks’ involvement in certain crypto practices. It also plans to collaborate with banking agencies to substitute interagency documents relating to crypto-assets issued in January 2023 and February 2023 with future guidance or regulations.

In conclusion, this move by the FDIC could fortify the existing liaison between banks and the wider crypto industry, paving the way for banks to expand their crypto-related services and products.

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While the specific details of the proposal are yet to be disclosed, the announcement has already sparked interest and speculation among the crypto community. Many are curious to see how this initiative will influence the perception of Bitcoin and other cryptocurrencies among traditional financial institutions.

Should the proposal be accepted, it could potentially signal a new era of mainstream acceptance for cryptocurrencies, and particularly Bitcoin. This would not only solidify Bitcoin’s position as a legitimate and recognized asset, but also potentially encourage more banks and financial institutions to adopt similar strategies.

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Cryptocurrency is the latest form of currency that can used all over the world. Some people experience that cryptocurrency has a great amount of risk. It is not govern by any central authorities, banks, or the Government of any country. Though, you no need to worry as, there are types of crypto loan available in the market which has their own market value. Bitcoin, Ethereum, Tether, Binance coin, and USD coin are the currencies that have top 5 market values. Cryptocurrencies are digital currencies that do not have any physical form. However, these digital currencies have the option to borrow from certain organizations to solve your immediate financial need.

Crypto Loans

Crypto loans are available today with certain institutions which can provide you the cryptocurrencies in return for the collateral. Binance provides Crypto Loans for 65% of the collateral value. Crypto loans can considered as one form of loan as seen in the traditional loan model. Though the concept of a loan is all going to be one and the same, a crypto loan in some ways is different from a traditional loan. In a traditional loan, the money will generally arranged as per the salary detail of a person or as per the credit score of a person.

However, in the case of Crypto loans, the loan value would arrive at based on the Collateral worth submitted by the borrower. The reason behind verifying the collateral in the crypto loan is that the organization would not have many details about the borrower. This means that such loan arranging organizations will not have credit score details about the individual in comparison to the traditional loan arrangements.

How do you get the loan?

Crypto loans help you to get stable coins like BUSD or USDT in return for the cryptocurrencies. Binance helps you to get a stable coin in return for the cryptocurrencies as per the value defined for every type of cryptocurrency. Binance can arrange for a faster loan of cryptocurrencies. These loans can used for various purposes. These can also help to solve the financial need at the earliest.

Why do Crypto Loans require collateral? 

The main reason is that the Credit scores which generally used in traditional loans. It can never used for crypto loans because the organizations will not have such necessary details. Without the details of the Credit score, the crypto loan providing organizations cannot decide on the value of units that can arranged for the borrower. Beyond the credit limit, the security limitations of the borrower cannot arrive and it would become a huge risk to the lender. Hence the collaterals mainly required as a security deposit for the lender without which it would become difficult to arrange the loans.

The lenders will have to undergo a certain amount of risk while arranging a loan to the borrower. The collaterals act as a secured way of arranging loans to the borrower because it would help to calculate the lending risk. Also, the crypto loan limit calculated based on the value of the collateral. 65% of the total value of the collateral will be the maximum value of the crypto loan for the borrower. The collaterals mainly used to reduce the lending risk for both the lender as well as the borrower.

What are the risks of crypto loans without collateral? 

Without collateral documents, it would be of huge risk for both the lender as well as the borrower. The borrower might enjoy the benefit of the loan without the collateral but he will have to suffer a huge interest rate. Also, the borrower will have to suffer much if the repayment cannot be done on time and he might fall short to repay for a long time which would become a great risk. Also, the lenders will have to suffer a huge loss if the borrowers are not able to repay. They will have to undergo a huge risk to procure the loan value from the borrower. It would also lead to certain scams if the collaterals not added as a document for the borrower.

Options of Crypto Loan

Crypto loans can arranged either by CeFi or DeFi. CeFi is a centralized platform for getting the loan and will insist on certain regulatory options like providing KYC. This type of loan arrangement will have high security and also backed up by Binance. DeFi is a decentralized way and it would not require any personal identification but it would lead to high risk compared to CeFi. DefI will have a high-interest rate compared to CeFi and it might be vulnerable to hacking which could be like flash loan attacks.

How you can get the loan?

Crypto loans act swiftly when compared to traditional loans. The loans arranged at a faster pace when the collateral documents submitted. Crypto loans can arranged easily on the cryptocurrencies because at a certain time period. The borrower might need to liquidate their cryptocurrencies but may not interested to take out their entire cryptocurrencies. In that situation, they can borrow from Binance because Binance offers crypto loans at a lower interest rate.

Interest Rates of Crypto Loan

Interest rates of Crypto loans generally considered too low than the traditional loan arrangement. The rate value in Binance is of much lower interest when compared to other institutions. Also, Binance does not charge any additional rate or processing fees. The loan arrangements are done at a faster pace and it also gives you high security. Binance will arrange loans based on the collateral value and hence it is almost risk-free for both the lenders and the borrowers. Once you get the loan there is a chance that at the time of repayment the value of cryptocurrencies would increase and hence the borrower will achieve high profit. Borrowers can get a good benefit from taking a loan from Binance. Binance loans can even considered credible loan providers because they try to reduce the risk for the borrowers and do not encourage scam processes.

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