🏛️ Coinbase Powers PNC’s Crypto-as-a-Service
Plus crypto majors and memes are finding new ATHs as the July bull market rally continues
GM!
Today's top news:
Crypto majors slightly red with BNB outperforming and hitting new ATH
ETH ETFs see 3rd biggest day of inflows while BTC sees net outflows
Coinbase partners with PNC for Crypto-as-a-Service model
Goldman and BNY to offer tokenized money market accounts
PENGU and REKT hit new ATHs as meme leaders continue rally
🏛️ Coinbase Powers PNC’s Crypto-as-a-Service
One of America’s biggest banks is going full crypto.
With the help of a familiar name…
📌 What Happened:
PNC Bank just became the latest TradFi giant to take a big leap into crypto thanks to a new partnership with Coinbase.
PNC and Coinbase announced a multi-pronged partnership to bring crypto to its customers via Coinbase’s Crypto-as-a-Service (CaaS) platform.
The deal does two things:
Lets PNC clients buy, sell, and hold crypto directly inside their bank accounts, powered entirely by Coinbase tech under the hood.
Gives Coinbase access to traditional banking rails, with PNC providing custody and treasury services on the fiat side.
It’s a full-stack integration aimed squarely at institutional and wealth clients, with a clean UX that hides the backend complexity: customers never need to log into Coinbase.
🗣️ What They’re Saying:
“Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients.” - William Demchak, CEO of PNC Bank
“PNC is a market leader in financial services… we’re thrilled to support their entry into the digital asset market with the tools to build a scalable, high-growth business.” - Brett Tejpaul, Head of Coinbase Institutional
“The idea is to let clients stay in their primary PNC interface - and never have to log out.” 0 Emma Loftus, Head of Treasury, PNC
🧠 Why It Matters:
This is the cleanest institutional playbook yet for how banks can offer crypto without taking on technical or regulatory risk themselves.
By outsourcing the infrastructure to Coinbase, PNC avoids building custody, trading, and compliance in-house, and instead focuses on distribution and UX.
That’s the benefit of the Crypto-as-a-Service (CaaS) model in action.
It’s also a strong validation moment for Coinbase’s long-game strategy: become the AWS of crypto, and let traditional finance plug in as demand grows.
And grow it has.
CaaS has quietly expanded to multiple banks and fintechs, now with a top-10 U.S. bank in the fold.
If this works, expect other banks to follow fast…
🌎 Macro Crypto and Memes
A few Crypto and Web3 headlines that caught my eye:
Crypto majors were slightly red with BNB leading; BTC -0.5% at $118,500, ETH -1% at $3,670, XRP -2% at $3.44, SOL -1% at $197
BNB hit a new ATH over $800 and $112B market cap, flipping SOL
FLR (+22%), PENGU (+18%) and CAKE (+10%) led top movers
The ETH ETFs posted their 3rd highest all time inflow day with $534M, while the BTC ETFs saw their 2nd straight day of outflows
ETH is facing nearly $2B in unstake pressure creating a 9-day delay, its largest since January 2024
PNC Bank partnered with Coinbase to offer crypto trading and custody for PNC clients and Banking services for Coinbase clients
Goldman and BNY are set to offer tokenized money market funds
Meanwhile Citadel wrote a letter to the SEC complaining that tokenized stocks would siphon liquidity from traditional markets
The Telegram Crypto Wallet officially launched for US users, offering crypto buying, selling and sending within the app
Jack Dorsey’s Square started allowing merchants to accept Bitcoin payments
WisdomTree plans to launch its own stablecoin WUSD on ETH
The SEC approved Bitwise’s Crypto Ten Index Fund changing to an ETF
In Corporate Treasuries
Sharplink (SBET) disclosed that it bought 79,949 ETH ($258M) last week at a $3,238 average and it now holds over 360,000 ETH
Cathie Wood’s ARK Invest bought $182M of Tom Lee’s BMNR stock
Mexican real estate firm Grupo Murano plans to buy $1B of BTC for its Corporate Treasury
Trump’s World Liberty Fi bought another 3,400 ETH
In Memes
Memecoin leaders were mixed, led by PENGU; DOGE -5%, Shiba -2%, PEPE -2%, BONK +2%, PENGU +18% , TRUMP -1%, SPX even, and FARTCOIN +1%
PENGU reached $0.0444 ($3.94B FDV) and a new ATH
REKT hit a new ATH at $290M on the back of its Binance announcement (more below)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Polymarket is considering creating its own stablecoin to cature its own yield vs accepting a revenue share with Circle
Rekt Drinks announced a partnership with Binance US to launch its next drink flavor ‘Liquid Gold’
BonkFun hit a new ATH in volume ($177M) and fees ($1.95M) as it continues to take share from Pump Fun
USDC on Hyperliquid has doubled to $4.9B giving the team new negotiating ground with Circle on fee share
Wasabi launched Wasabi Earn on the Base app, offering up to 20% APY on USDC
🤖 AI x Crypto
Section dedicated to headlines in the AI sector of crypto:
Overall market cap up 1% at $12.2B, leaders were mixed
FARTCOIN (+2%), VIRTUAL (+1%), ai16z (+2%), FAI (+5%) & AIXBT (-2%)
MOBY (+40%), BNKR (+30%) and HEU (+10%) led top movers
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH NFT leaders were mostly green; Punks +1% at 48 ETH, Pudgy +8% at 16.4, BAYC +2% at 12.5 ETH
PXL DEX were a notable winner up 45% to 15.5 ETH; Cool Cats +45% and rekt guy +20% were other notable movers
Arthur Hayes bought 5 more Punks for ~$900,000
A very rare Ice Pudgy sold for 120 ETH ($440,000)
A single check (the first single check created) sold for 88 WETH
Bitcoin NFTs were mostly red; Taproot Wizards -4% at 0.22 BTC
Abstract NFTs were very green led by Gigaverse (+23%) and OCH (+20%)
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