Coinbase · Bitcoin · U.S. · Bitcoin Magazine
Citi and Coinbase Working Together To Build Stablecoin Infrastructure for Businesses
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The announcement is the latest example of big banks utilizing Bitcoin’s underlying tech.
Key facts
- Firstly, Coinbase Virtual Accounts, built on Citi’s banking-as-a-service platform, will give Coinbase’s payments customers bank-account-like features so they can accept, hold, send funds
- Fintechs building on Coinbase have always needed a fast, compliant bridge between fiat and stablecoins, and Citi gives us that at scale,” Coinbase’s Head of Infrastructure Product, Alec Lovett, said
- Citi has several blockchain offerings, including Citi Token Services, which enables real-time cross-border payments using tokenized deposits
- The firm since last year has also been working with other top banks, including Deutsche Bank, Goldman Sachs, and Bank of America, to explore issuing a stablecoin product
Summary
Citigroup is working with America’s biggest crypto exchange, Coinbase, in its latest blockchain-based venture. The two companies said in a joint statement Monday that they were teaming up to allow Citi clients to move between regular money and stablecoins without having to build or manage both banking and crypto systems themselves. The announcement comes as banks worldwide utilize Bitcoin’s underlying technology to speed up their processes and cater to crypto-hungry customers. Citi last month said it would allow institutional investors to custody both traditional assets and bitcoin within one framework, rather than needing separate systems, later this year.