Citigroup and cryptocurrency exchange Coinbase are collaborating to develop digital asset payment solutions for Citi’s institutional clients. The initial focus will be on U.S. clients, with plans to expand the offering globally in the future. This partnership seeks to streamline payment operations and enable seamless transitions between traditional fiat currencies and digital assets.
Coinbase is one of the world’s largest cryptocurrency exchanges. The company’s services allow users to buy, sell, and store a variety of digital currencies. Citigroup, a major global bank, aims to leverage Coinbase’s expertise to provide its institutional clients with improved access to digital asset payments.
The collaboration will initially concentrate on enabling users to deposit and withdraw traditional currencies through Coinbase’s services. According to a joint statement, this move will facilitate smoother transitions between traditional money and cryptocurrencies. The two companies plan to release more information on specific features, including potential avenues for converting traditional currency into stablecoins, in the coming months.
Brian Foster, global head of Crypto as a Service at Coinbase, stated that the partnership combines Citi’s reach with Coinbase’s digital asset leadership. Recent activity in the digital assets industry has included Coinbase’s acquisition of investment platform Echo for $375 million, and a $2.9 billion deal for crypto options provider Deribit earlier in the year.
