Citigroup and cryptocurrency exchange Coinbase announced a collaboration to develop digital asset payment solutions for Citi's institutional clients, with plans to expand globally. The initial phase will focus on streamlining fiat pay-ins and pay-outs, supporting Coinbase's on/off-ramps, which are crucial for converting traditional currency to digital assets and vice versa. This partnership aims to bridge the gap between traditional finance and the rapidly evolving digital asset ecosystem.
The collaboration will also explore options for creating alternative fiat to on-chain stablecoin payout methods, making these transitions smoother and accessible 24/7. Citi, with its extensive global network of over 300 payment clearing networks across 94 markets, views this as a natural extension of its 'network of networks' approach. Brian Foster, Global Head – Crypto as a Service at Coinbase, emphasized that combining Citi's reach with Coinbase's leadership in digital assets will create solutions to simplify and expand access to digital asset payments.
The partnership builds on Citi's existing efforts in developing payment solutions for a 24/7 digital money landscape, including Citi® Token Services and 24/7 USD Clearing. Coinbase's strategy involves providing specialized infrastructure for trading, custody, payments, and stablecoins to help financial institutions build products for their clients. This collaboration was announced at the Money 20/20 conference in Las Vegas and is seen by Coinbase as part of its broader mission to integrate digital assets into the global economy, collaborating with major banks and financial institutions.
