Citi and Coinbase Partner to Advance Digital Asset Payment Capabilities
Citi and Coinbase have announced a new collaboration to develop digital asset payment capabilities for Citi’s institutional clients, as the two firms aim to bridge traditional and decentralised finance.
The partnership will initially focus on fiat pay-ins, pay-outs and payments orchestration, enhancing Coinbase’s on/off ramps, the systems that connect fiat money and digital assets.
Citi said additional initiatives, including the creation of alternative fiat-to-stablecoin payout methods, will be revealed in the coming months.
“The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” said Debopama Sen, Citi’s Head of Payments and Services.
She said the collaboration aligns with Citi’s “network of networks” approach across its 300 payment clearing networks in 94 markets.
Brian Foster, Global Head of Crypto as a Service at Coinbase, said Citi’s global reach makes it an “ideal partner” as both firms work to simplify access to digital asset payments.
The move builds on Citi’s Citi Token Services and 24/7 USD Clearing, which provide around-the-clock digital money infrastructure for institutional clients.
Citi already banks 90% of the world’s top e-commerce companies and 15 of the 20 largest fintech firms.
