Citi and Coinbase partner to develop digital asset payment capabilities

Citi and Coinbase (NASDAQ: COIN) announced a collaboration to develop digital asset payment capabilities for institutional clients, according to a press release statement.

The initial phase focuses on fiat pay-ins and pay-outs, supporting Coinbase's on-ramps and off-ramps that bridge traditional currency and digital asset systems. The partnership will also include payments orchestration services.

The companies plan to explore creating alternative fiat to onchain stablecoin payout methods. Additional details about specific initiatives will be shared in the coming months.

"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," said Debopama Sen, Head of Payments, Services at Citi.

Brian Foster, Global Head of Crypto as a Service at Coinbase, stated that Citi's global network and payments expertise make them "an ideal partner as we work to advance digital asset capabilities."

The collaboration builds on Citi's existing digital payment solutions, including Citi Token Services and 24/7 USD Clearing. Citi operates in more than 180 countries and jurisdictions, while Coinbase provides cryptocurrency trading and infrastructure services.

The partnership aims to provide 24/7 access to digital asset payment transitions for Citi's institutional clients and potentially expand to additional global clients in the future.

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