Banking giant Citi has announced a strategic collaboration with leading cryptocurrency exchange Coinbase to advance digital asset payment infrastructure for institutional clients. The partnership is designed to eliminate delays associated with traditional payment rails and initially focus on simplifying the flow between traditional finance and cryptocurrency payments.
The collaboration will integrate fiat pay-ins and pay-outs, support Coinbase’s on/off-ramp systems, and explore new methods for fiat-to-stablecoin settlements, creating a seamless bridge between traditional and onchain ecosystems. In its initial phase, Citi’s institutional clients will be able to execute real-time transactions between fiat and digital assets through Coinbase’s payment rails. Both firms plan to expand these capabilities globally, eventually enabling 24/7 cross-border payments that operate independently of traditional banking hours.
Debopama Sen, Head of Payments, Services at Citi, stated, "The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients." She emphasized Citi’s extensive network of over 300 payment clearing networks across 94 markets. Brian Foster, Global Head of Crypto-as-a-Service at Coinbase, added, "Citi’s global reach and payments expertise make them an ideal partner as we advance digital asset capabilities. Together, we’re building solutions that simplify and expand access to digital payments."
This partnership builds on Citi’s longstanding interest in blockchain technology, including the introduction of a token service for institutional clients in 2023 and predictions that stablecoins will power the industry’s next growth phase. Citi is also on track to offer crypto custody services next year, reinforcing its commitment to digital finance innovation.
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