Today, Citi and Coinbase announced their intention to collaborate on digital asset payment capabilities for Citi’s institutional clients and to explore additional clients globally in the future.
The initial phase of their partnership is focused on fiat payments/payments, supporting Coinbase’s on/off ramps – the bridge between traditional fiat and digital asset ecosystems – along with payment orchestration.
This partnership aims to make these transitions smoother and accessible 24/7 for Citi customers.
“The financial landscape is changing rapidly and we are excited to join Coinbase to explore new and innovative payment options for our customers worldwide,” said Debopama Sen, Head of Payments, Services at Citi. “With more than 300 payment clearing networks in 94 markets worldwide, we see the partnership with Coinbase as a natural extension of our ‘network of networks’ approach, further supporting our customers to make payments as if there were no borders.”
“Citi’s global network and payments expertise make it an ideal partner as we work to advance the possibilities of digital assets,” said Brian Foster, Global Head – Crypto as a Service at Coinbase. “By combining their reach with Coinbase’s leadership in digital assets, we are creating solutions that can simplify and expand access to digital asset payments. This partnership reflects our commitment to building the infrastructure needed for the next generation of financial services.”
The partnership 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 and 24/7 USD Clearing services, which offer real-time, always-on services for its institutional clients.