Citi and Coinbase Collaborate to Enhance Digital Asset Payment Services
- Citi and Coinbase are partnering to develop digital asset payment services for institutional clients.
- The initial phase will streamline fiat pay-ins and pay-outs, enhancing Coinbase’s on/off-ramps.
- Debopama Sen, Citi’s head of payments, stated this aligns with their “network of networks” strategy across 94 markets.
- Citi plans to offer crypto custody services by enabling the bank to hold assets like bitcoin and ether for clients in the future.
- Currently, Citi serves about 90% of top e-commerce firms and is involved with major fintechs worldwide.
This partnership marks a significant step in bridging traditional finance with cryptocurrency solutions, aiming to provide enhanced payment capabilities for institutional clients. The collaboration will also explore alternative payout methods, including stablecoin options.
As part of this initiative, Citi’s shares were around $98.60 while Coinbase shares were at $318.50 at publication time, reflecting modest changes in both stocks.(Source)
