According to PYMNTS.com, Coinbase CEO Brian Armstrong stated at the New York Times DealBook Summit that banks embracing crypto “are going to get left behind.” While he didn’t name specific partners in those remarks, the report details several recent collaborations. In October, Coinbase announced a plan to work with Citi on digital asset payments, starting with institutional clients. Back in July, the exchange partnered with JPMorgan Chase to let customers fund Coinbase accounts with Chase credit cards and link bank accounts via API. Also in July, Coinbase teamed up with PNC Bank to develop a solution for the bank’s clients to buy, hold, and sell cryptocurrencies.
The Quiet Banking Revolution
Here’s the thing: this isn’t about flashy consumer apps. It’s about plumbing. The Citi deal is starting with institutional clients. The JPMorgan link uses their API. The PNC project is part of “adding other crypto financial solutions.” This is infrastructure work, and it’s happening now. Armstrong’s comments make the stakes clear. Banks that fight this trend risk obsolescence. But the ones building the pipes? They’re positioning themselves as the on-ramps for the next era of finance, whether that involves Bitcoin, stablecoins, or something else entirely. It’s a pragmatic, behind-the-scenes land grab.
What This Means For Everyone Else
For regular users, the immediate effect is simpler onboarding. Funding your Coinbase account with a Chase card or eventually using Chase rewards points? That’s a friction killer. But the bigger story is legitimacy. When PNC offers crypto buy/hold/sell directly to its clients, it’s not a “crypto exchange,” it’s your bank. That normalizes digital assets for a massive, traditionally cautious audience. For enterprises and developers, these bank APIs are the building blocks. They signal that major financial rails are being retrofitted for a digital asset world, which makes building serious commercial applications a lot less speculative.
So, is this the moment crypto goes fully mainstream? Not quite. These are pilots and collaborations. But look at the names involved: Citi, JPMorgan, PNC. These aren’t crypto-native firms; they’re pillars of the old system. Their involvement is a massive signal that the institutional resistance is crumbling. They’re not just dipping a toe in anymore—they’re starting to build docks. The real question now is who follows next, and how fast this quiet plumbing work becomes the default foundation for moving value.
