Coinbase is cozying up to one of America’s leading banks in an effort to grow its exposure across digital payments.
In a joint announcement, the U.S.-based cryptocurrency exchange and Citi said on Monday the two firms are exploring ways to improve various digital-payment related initiatives including “fiat to onchain stablecoin payout methods.”
“It’s not a debate anymore – crypto and stablecoins are the tools that will update the global financial system,” Coinbase CEO Brian Armstrong said in an X post on Monday. “Excited to be collaborating with @Citi to work on improving stablecoin utility and digital asset adoption with their clients.”
“Citi’s global network and expertise in payments make them an ideal partner as we work to advance digital asset capabilities,” Coinbase’s Brian Foster, who works as the exchange’s global dead of crypto as a service, noted in a statement. “By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset payments.”
As of late, Coinbase has demonstrated a willingness to add new revenue streams whether that be in payments or offering additional trading services such as a prediction markets platform akin to Polymarket. With traditional financial firms edging more into digital assets Coinbase may find it harder to maintain a dominate position as a crypto trading platform.
Initially Coinbase and Citi will focus on digital asset payment options for the Citi’s institutional clients, according to the statement. Updates on the exploration of stablecoin payouts “will be shared in the coming months,” the firms also said.
“The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” said Citi’s Head of Payments and Services Debopama Sen. “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.”
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