Coinbase Partners with Citibank to Expand Digital Asset Payments

TL;DR

• Citi and Coinbase have entered into a strategic partnership to develop digital asset payment solutions for institutional clients.

• The solutions will focus on improving fiat on/off-ramps and payments.

Coinbase Partners with Citi

Wall Street giant Citi has entered into a strategic partnership with Coinbase, one of the leading cryptocurrency exchanges in the world. The partnership will see the two companies team up to develop digital asset payment services for the bank's institutional clients, aiming to bridge traditional and crypto finance.

In a press release on Monday, Citi stated that the initial phase of their collaboration focuses on fiat pay-ins/pay-outs, supporting Coinbase's on/off-ramps1, the bridge between traditional fiat and digital asset ecosystems, along with payments orchestration

Future initiatives may include exploring alternative fiat-to-stablecoin payout methods and expanding 24/7 access for Citi clients.

While commenting on the partnership, Debopama Sen, Citi’s head of payments and services, said,

The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients.

This latest development comes as the bank expands its presence in the cryptocurrency space. In July, Citigroup CEO Jane Fraser announced that the bank is considering launching its own stablecoin while developing comprehensive crypto custody and tokenized deposit services.