- Citi and Coinbase are collaborating to develop digital asset payment capabilities for institutional clients
- The collaboration will first focus on streamlining fiat pay-ins/pay-outs and payments orchestration, enhancing the bridge between traditional and digital finance for Coinbase’s on/off ramps
- Specific initiatives will be shared in the coming months, as Citi and Coinbase explore options to simplify and expand access to digital asset payments for Citi’s clients
Citi and Coinbase announced their intention to collaborate on digital asset payment capabilities for Citi’s institutional clients and explore additional global clients in the future, further solidifying both companies’ market leadership in payment solutions. 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. Additional details on specific initiatives, including the exploration of creating alternative fiat to onchain stablecoin payout methods, will be shared in the coming months.2 This collaboration aims to make these transitions smoother and accessible 24/7 for Citi’s clients.
Debopama Sen, Head of Payments, Services:”The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients. 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.”
“Citi’s global network and expertise in payments make them an ideal partner as we work to advance digital asset capabilities,” said Brian Foster, Global Head – Crypto as a Service at Coinbase. “By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset payments. This collaboration reflects our commitment to building the infrastructure needed for the next generation of financial services.”
The collaboration with Coinbase builds on Citi’s approach to creating payment solutions for its clients in an evolving 24/7 digital money landscape, including Citi® Token Services and 24/7 USD Clearing, which offer real-time, always-on services for its institutional clients. Citi has a presence in the top 50 eCommerce markets, with diverse payment solutions to meet clients’ needs. Citi banks 90% of the top eCommerce companies and 15 of the world’s 20 largest FinTechs.
Source: Citi
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