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Coinbase and Citibank team up to facilitate payments with bitcoin and cryptocurrencies
The bitcoin exchange (BTC) and cryptocurrencies, Coinbase, and the American banking giant, Citi (company to which Citibank belongs), announced a collaboration this Monday, October 27. The alliance aims to develop solutions for Citi's institutional clients to use bitcoin digital currencies for making payments and managing their treasury on a global scale.
According to a statement released by Coinbase, the partnership will combine the infrastructure of the exchange for digital assets with Citi's global payment network, which operates in 94 markets. The aim is to create solutions that enable large-scale institutions to integrate the use of digital currencies into their financial operations.
The joint work will focus on improving the systems that allow institutions to convert funds between fiat money and digital assets, known as on-ramps and off-ramps. Additionally, they will explore payment solutions that include the use of stablecoins (stablecoins) and other infrastructure initiatives, in order for these tools to be faster and available 24/7.
This collaboration is part of a growing trend of integration between traditional finance and the ecosystem of digital assets. Both companies indicated that this alliance aims to build the necessary infrastructure for the global economy to adopt solutions based on Bitcoin technology and cryptocurrencies. More details about the tools resulting from this cooperation are expected to be shared in the coming months.
It was reported a couple of weeks ago that Citi is planning to launch bitcoin custody services.