- Citigroup partners with Coinbase to enhance institutional cryptocurrency payment services.
- The collaboration aims to streamline transfers between traditional bank accounts and digital currencies.
- Initial efforts focus on facilitating fiat (government-issued currency) deposits and withdrawals for institutional clients.
- Both companies are considering future use of stablecoins for faster international payments.
- Stock prices for both Citigroup and Coinbase rose following news of the partnership.
Citigroup announced a new partnership with Coinbase on Monday to simplify how institutional clients, such as large businesses and financial institutions, move money between traditional bank accounts and cryptocurrencies. The initiative is designed to give clients easier access to digital asset payments and transfers without borders.
In the partnership’s first phase, Citigroup will support Coinbase by managing fiat pay-ins and pay-outs, which are processes that convert U.S. dollars into digital assets and back again. This aims to strengthen Coinbase’s services that allow clients to move funds in and out of cryptocurrencies. The companies stated that future initiatives will be announced as they continue to develop the service.
“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,” said Debopama Sen, Head of Payments and Services at Citigroup. Both firms also plan to explore how stablecoins—cryptocurrencies designed to maintain a stable value—might be used for quicker global payments.
Following the announcement, Coinbase shares rose nearly 4% in midday trading, while Citigroup shares increased by 1.5%. Additional details on the collaboration and possible new offerings are expected to be released in the coming months.
For more information on broader market impacts and related news, see Ethereum-outperforms-Bitcoin-as-retail-sentiment-improves-ahead-of-fed-rate-decision-trump-xi-meeting-this-week-15121188″>Ethereum Outperforms Bitcoin As Retail Sentiment Improves Ahead Of Fed Rate Decision, Trump-Xi Meeting This Week.
Previous Articles:
- Gold Rally Could Soar to $5,000 Amid Rising Global Tensions
- Canada to Propose Stablecoin Rules in Upcoming Federal Budget
- New ChatGPT Atlas Browser Vulnerability Enables Persistent Code Injection
- Figure’s sudden crash triggers $13 billion surge in blockchain loan activity – DL News
- Rapper Razzlekhan Thanks Trump for Early Prison Release
