Citi Partners with Coinbase for Institutional Digital Asset Payments

Citi is collaborating with Coinbase to provide digital asset payment solutions for its institutional clients. The partnership aims to combine Coinbase's infrastructure for digital assets with Citi's global payments network.

The initiative is intended to make it easier for institutional clients to use digital assets and stablecoins for transmitting value. According to a statement, the initial phase will focus on improving the on-ramps and off-ramps that allow institutions to convert between fiat currencies and digital assets. The two firms will also explore the creation of "alternative fiat to onchain stablecoin payout methods."

Citi's payment network spans 94 markets and includes over 300 clearing systems.

"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 and services at Citi. Sen added that the partnership will further support clients "to make payments as if there were no borders."