Citigroup (C) Partners With Coinbase to Expand Digital Asset Payment Solutions for Institutional Clients

Citigroup Inc. (NYSE:C) ranks among the best financial stocks to buy according to billionaire Ken Fisher. On October 28, Citigroup Inc. (NYSE:C) and Coinbase, a cryptocurrency marketplace, announced plans to collaborate on digital asset payment solutions for the bank’s U.S.-based institutional clients, with hopes of eventually expanding the offering to clients across the world.

In order to facilitate seamless transitions between traditional currency and digital assets like cryptocurrencies, the partnership will first focus on allowing users to make deposits and withdrawals in traditional currencies through Coinbase’s services. Both companies said that they will provide information on specific plans in the upcoming months, including options that can result in different fiat-to-stablecoin payout schemes.

The partnership comes at a time where stablecoins are becoming increasingly prevalent in corporate operations. According to Citigroup Inc. (NYSE:C), customers expect speed and uptime in addition to programmability, conditional payments, and reduced expenses.

Debopama Sen, who oversees payments and services at Citigroup Inc. (NYSE:C), claims that the bank is looking into ways of making on-chain stablecoin payments possible, referring to stablecoins as an enabler that can increase customer functionality.

Citigroup Inc. (NYSE:C) is a diversified financial service holding company that provides various financial products and services to consumers, corporations, governments, and institutions.

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Disclosure: None. This article is originally published at Insider Monkey.