Coinbase forms partnership with PNC Bank in cryptocurrency

Coinbase Global (COIN +4.9%) is working with PNC Bank (PNC +0.9%), the cryptocurrency exchange said in its Q2 letter to shareholders. It has also formed partnerships with Daniel Loeb's Third Point LLC and WisdomTree Investments (WETF -0.1%), in addition to Elon Musk and his companies, SpaceX and Tesla. The partnership with PNC highlights the increasing number of financial institutions offering crypto products to their customers; in addition, some companies like Tesla now have bitcoin on their balance sheets. "The asset managers, corporate treasuries are now using these products... It's really quite a lot of adoption that we've seen," said Coinbase CEO during the company's earnings call on Tuesday evening. In addition, some 10% of the top 100 hedge funds by AUM have onboarded the company's institutional product, he said. CoinDesk reports that PNC is expected to introduce a cryptocurrency initiative in coming quarters. In cryptocurrency trading midday Wednesday, bitcoin (BTC-USD)