Citi is teaming up with Coinbase to bring digital asset payment capabilities to the Wall Street giant's institutional clients.
The partnership combines Coinbase’s experience building infrastructure for digital assets with Citi’s global payments network that spans 94 markets and over 300 clearing systems. Together we’re working to create innovative payment solutions for institutions operating at scale.
The aim is to make it easier for Citi’s clients to leverage the power of digital assets and stablecoins to facilitate the transmission of value.
The initial phase focuses on improving the on-ramps and off-ramps that allow institutions to convert between fiat and digital assets. The two will also explore the creation of "alternative fiat to onchain stablecoin payout methods," says a statement.
"With more than 300 payment clearing networks across 94 markets globally, we see collaborating with Coinbase as a natural extension of our ‘network of networks’ approach, further supporting our clients to make payments as if there were no borders," says Debopama Sen, head of payments, services, Citi.