Citi Taps Coinbase to Enhance Crypto Payments for Institutions

Wall Street bank Citi and crypto exchange Coinbase are teaming up to “boost digital-asset payment capabilities” for the bank’s institutional clients.

In the initial phase, the bank aims accelerate fiat pay-ins and payouts and improve orchestration to better bridge traditional finance with crypto on- and off-ramps, the bank said in a press release.

“The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” Debopama Sen, the head of payments and services at Citi said in the release. “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.”

Editor’s note: This is breaking news and will be updated.