Citi, Coinbase join forces to transform digital asset payment landscape

Citi and Coinbase are collaborating to develop digital asset payment capabilities for institutional clients

By Staff Writer

Brian Foster, Global Head – Crypto as a Service at Coinbase

Citi and Coinbase announced today that they will collaborate on digital asset payment capabilities for Citi's institutional clients, as well as explore more global clients in the future, consolidating both businesses' industry leadership in payment solutions.

The first phase of their collaboration focusses on fiat pay-ins and pay-outs, which support Coinbase's on/off ramps1—the link between traditional fiat and digital asset ecosystems—as well as payments orchestration.

Additional information on specific initiatives, such as the development of alternative fiat to onchain stablecoin payout methods, will be released in the coming months. This agreement intends to make these transitions more seamless and accessible to Citi's clients around the clock.

The collaboration with Coinbase expands Citi's strategy to developing payment solutions for its clients in an ever-changing 24/7 digital money world, including Citi Token Services and 24/7 USD Clearing, which provide real-time, always-on services to institutional clients.

Citi has a presence in the top 50 eCommerce markets, offering a wide range of payment options to satisfy clients' demands. Citi serves 90% of the top eCommerce companies and 15 of the world's 20 largest fintechs.

“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. “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.”

"Citi’s global network and expertise in payments make them an ideal partner as we work to advance digital asset capabilities,” said Brian Foster, Global Head – Crypto as a Service at Coinbase. “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."