Citi, Coinbase Expand Corporate Payment Partnership Linking Fiat, Stablecoins
Summary
- Citi and Coinbase said they are expanding their payment infrastructure partnership for corporate clients linking fiat currencies and stablecoins.
- Coinbase said it will use Citi’s Virtual Account Wallet to convert account funds automatically into stablecoins, while Citi’s institutional clients will be able to receive stablecoin payments through Spring by Citi.
- The companies said they will launch the service first in the US, aiming to let businesses use payments in a way similar to traditional bank accounts without holding stablecoins directly.
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Citi and Coinbase are expanding their partnership on payment infrastructure for corporate clients that links fiat currencies and stablecoins.
The Block reported on September 29 that Coinbase plans to use Citi’s Virtual Account Wallet to help clients receive, hold and disburse fiat funds. Money deposited into those accounts can be converted automatically into stablecoins.
Citi’s institutional clients will also be able to accept stablecoin payments through Spring by Citi, the bank’s corporate payments platform. Coinbase will provide the stablecoin payment infrastructure, while digital assets received through the system will be converted automatically into fiat currency for settlement.
The companies plan to launch the service first in the US. The goal is to let businesses use stablecoin payments in a way similar to traditional bank accounts without having to hold or manage stablecoins directly.
Debopama Sen, Citi’s head of payments, said the aim is to build next-generation payment infrastructure connecting both traditional and digital payment methods.
Citi and Coinbase have been working together since October last year on payment infrastructure linking fiat currencies and cryptocurrencies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.