The companies also plan on exploring the use of stablecoins for faster global payments in the future.
Citigroup (C) announced on Monday that it’s teaming up with Coinbase (COIN) to make it easier for institutional clients, like large companies and financial firms, to move money between traditional bank accounts and cryptocurrencies.
Coinbase’s stock rose nearly 4% in midday trade, with retail sentiment on Stocktwits continuing to trend in ‘neutral’ territory over the past day. Meanwhile, Citigroup’s stock gained 1.5% with retail sentiment remaining in ‘bearish’ territory.
“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.”
– Debopama Sen, Head of Payments and Services, Citigroup
In the first phase, Citi will help Coinbase handle fiat pay-ins and pay-outs. This means converting regular currencies, like the dollar, into crypto and back again. The companies said this would strengthen Coinbase’s on- and off-ramp services, which are the bridges between the crypto world and the traditional financial system.
The companies also plan on exploring the use of stablecoins for faster global payments in the future. They said further specific initiatives will be shared in the coming months, as the companies continue to explore options to simplify and expand access to digital asset payments for Citi’s clients.
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