Citigroup, one of Wall Street’s leading institutions, has announced a strategic partnership with cryptocurrency exchange Coinbase to develop new stablecoin solutions aimed at institutional and corporate investors as part of Citi’s initiative to leverage blockchain technology for financial transactions.
Yet, the goal, according to both parties, is to provide Citi’s clients with smoother transitions and 24/7 accessibility. Debopama Sen, Head of Payments Services at Citi, stated:
The financial landscape is changing rapidly, and we’re excited to partner with Coinbase to explore new payment options for our global clients. With over 300 payment clearing networks across 94 markets, collaborating with Coinbase is a natural extension of our ‘network of networks’ approach, enabling our clients to make payments as if borders did not exist.
This partnership further builds on Citigroup’s efforts to develop payment solutions, which also includes offerings like the Citi Token Services and 24/7 USD Clearing, providing real-time, continuous support for institutional clients.
Utilizing Coinbase’s institutional “crypto-as-a-service” platform, PNC aims to allow clients to buy, hold, and sell cryptocurrencies, while also offering certain banking services through Coinbase.
“Partnering with Coinbase accelerates our ability to deliver innovative crypto financial solutions to our clients,” commented William Demchak, CEO of PNC. “This collaboration meets the growing demand for secure and streamlined access to digital assets on PNC’s trusted platform.”
In line with the broader recovery of the market, the exchange’s stock, which trades under the ticker symbol COIN, is trading at $369.88, an increase of nearly 4% for Monday’s trading session.
Featured image from Shutterstock, chart from TradingView.com
