Banking giant Citi has collaborated with leading cryptocurrency exchange Coinbase in order to enable digital payments for institutional clients.
The partnership is meant to eliminate the delays that are associated with traditional payment rails.
It will initially focus on simplifying the flow between traditional finance and cryptocurrency payments.
The two companies will also share plans about alternative payout methods in the near future.
Citi's crypto exploration
Citi started tinkering with blockchain technology when it was still relatively nascent.
The bank then introduced a token service for institutional clients back in 2023.
Earlier this month, the banking giant predicted that stablecoins would be able to power the industry's next growth phase.
It was also recently reported that Citi is on track to offer crypto custody services next year.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team