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They also plan to explore options to simplify and expand access to digital asset payments for Citi’s clients.
Debopama Sen, Head of Payments, Services at Citi, said the organization sees the collaboration with Citi as a natural to its network’s approach to create a 24/7 digital money landscape.
Brian Foster, Global Head – Crypto as a Service at Coinbase, believes the collaboration reflects his company’s commitment to building the infrastructure needed for the next generation of financial services.
Citigroup, Inc. (NYSE: C) and Coinbase Global, Inc. (NASDAQ: COIN) are teaming up to enhance digital asset payment capabilities for institutional clients. The two companies will initially collaborate to streamline fiat pay-ins/pay-outs and payments orchestration, enhancing the bridge between traditional and digital finance for Coinbase’s on/off ramps.
According to the press release seen by NFTgators, Citi and Coinbase also plan to explore options to simplify and expand access to digital asset payments for Citi’s clients.
According to Citi, the collaboration with Coinbase builds on its approach of creating innovative solutions for its clients in an evolving digital money landscape. The global banking giant already has digital products launched over the past few years, including its Token Services and 24/7 USD Clearing, which offer real-time, always-on services for its institutional clients.
In the beginning, the two companies will focus on fiat pay-ins/pay-outs to Coinbase’s on/off-ramps, which bridge traditional fiat and digital asset ecosystems, alongside payment orchestration.
“The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” said Debopama Sen, Head of Payments, Services at Citi. According to Sen, his organization sees the collaboration with Citi as a natural to its network’s approach to create a 24/7 digital money landscape.
Brian Foster, Global Head – Crypto as a Service at Coinbase, commented: “By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset payments. This collaboration reflects our commitment to building the infrastructure needed for the next generation of financial services.”
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