Citigroup, one of Wall Street’s leading institutions, has announced a strategic partnership with cryptocurrency exchange Coinbase to develop new stablecoin solutions aimed at institutional and corporate investors as part of Citi’s initiative to leverage blockchain technology for financial transactions.
Citi’s ‘Network Of Networks’ Approach
According to the announcement, the initial phase of this partnership will focus on facilitating fiat pay-ins and pay-outs. This is aimed to enhance Coinbase’s on/off-ramps—essentially the bridges between traditional fiat currencies and digital asset ecosystems—alongside improving payment orchestration.
Further details on specific initiatives, including the exploration of alternative methods for converting fiat to on-chain stablecoin payouts, are expected to be revealed in the coming months.
Yet, the goal, according to both parties, is to provide Citi’s clients with smoother transitions and 24/7 accessibility. Debopama Sen, Head of Payments Services at Citi, stated:
The financial landscape is changing rapidly, and we’re excited to partner with Coinbase to explore new payment options for our global clients. With over 300 payment clearing networks across 94 markets, collaborating with Coinbase is a natural extension of our ‘network of networks’ approach, enabling our clients to make payments as if borders did not exist.
Coinbase Becomes Go-To Partner For Financial Institutions
This partnership further builds on Citigroup’s efforts to develop payment solutions, which also includes offerings like the Citi Token
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Author: Ronaldo Marquez
