Coinbase (NASDAQ:COIN) is announcing a collaboration with Citi (NYSE: C) that’s said to be focused on solving a pressing challenge: making it more seamless for Citi’s clients to leverage the potential of digital assets as well as stablecoins to facilitate the transmission of value. The ability to perform transactions on blockchains and convert between fiat and digital assets—whether that is to settle payments, manage treasury, or boost efficiencies across financial infrastructure—is critical, and they are pleased to work with Citi to bring this tech to their clients.
This partnership will aim to leverage Coinbase’s extensive experience in building more secure, streamlined, as well as scalable infrastructure for digital assets with Citi’s international payments network that reportedly includes 94 markets and more than 300 payment clearing systems. Together they’re focused on working to create various payment solutions for institutions that are operating at scale.
Their latest collaboration will primarily focus on improving on-ramps and off-ramps—the systems that “allow institutions to convert between fiat and digital assets, payment solutions including stablecoins, and other infrastructure initiatives.”
These tools are now said to be the foundation for integrating digital assets into the wider financial services ecosystem, and they are currently exploring ways to make them quicker, more dependable, and supported around the clock.
This latest collab is described by Coinbase as being part of their broader mission to make digital assets a more trusted and vital part of the global economy. By working closely with Citi and various other major banking institutions, asset managers, payment service providers or PSPs, and other financial institutions, they’re now building the infrastructure that the digital economy requires to adopt and scale crypto-asset services.
Coinbase concluded by noting that they will be sharing more details about this work in the months ahead. For now though, they are sharply focused on building digital tools that are able to effectively power the so-called next-gen of financial services.
