Wall Street bank Citi and cryptocurrency exchange Coinbase are teaming up to “enhance digital asset payment capabilities” for the bank’s institutional customers.
The bank said in a press release that the initial phase aims to accelerate fiat deposits and withdrawals and improve orchestration to better bridge traditional finance and crypto on- and off-ramps.
“The financial landscape is rapidly changing, and we are excited to join Coinbase to explore new and innovative payment options for customers around the world,” Devopama Sen, head of payments and services at Citi, said in a release. “With more than 300 payment networks in 94 markets around the world, we believe that working with Coinbase is a natural extension of our ‘network of networks’ approach and will further support our clients in making payments as if there were no borders.”
Editor’s note: This is breaking news and will be updated.
