WASHINGTON (dpa-AFX) - Citigroup Inc. (C) announced on Monday that it has expanded its collaboration with Coinbase (COIN) to connect traditional banking with digital asset payments for corporations and consumers.
Citi said the deal introduces Coinbase Virtual Accounts, powered by its Virtual Account Wallet, giving Coinbase customers bank-account-like functionality with fiat automatically converted into stablecoins. Citi will also enable institutional clients to accept stablecoin payments at checkout through its Spring by Citi platform, with Coinbase Payments providing conversion into fiat.
The bank said the initiatives are part of its broader digital assets strategy to build production-grade capabilities linking cash management, securities and collateral ecosystems with blockchain networks.
The initiatives will launch first in the United States. Citi, which moves about $6 trillion daily, said it is leveraging tokenization and blockchain to build next-generation payments infrastructure.
On the NYSE, shares of Citigroup are currently losing 1.36 percent, changing hands at $132.46.
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