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 Coinbases 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.
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."
- Debopama Sen, Head of Payments Services, Citi
