Citi is collaborating with Coinbase to introduce digital asset payment capabilities for the bank’s institutional clients.
The partnership leverages Coinbase’s expertise in digital asset infrastructure and Citi’s extensive global payments network, which covers 94 markets and over 300 clearing systems. Together, they aim to develop innovative payment solutions tailored for large-scale institutions.
The initial phase will enhance the on-ramps and off-ramps that allow institutions to convert between fiat currencies and digital assets. Additionally, they will investigate “alternative fiat to on-chain stablecoin payout methods,” according to a statement.
“With more than 300 payment clearing networks across 94 markets, we view our collaboration with Coinbase as a natural extension of our ‘network of networks’ approach, enabling our clients to make payments with a borderless experience,” said Debopama Sen, head of payments services at Citi.