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Citi has teamed up with Coinbase in a move that deepens its involvement in the digital asset sector. The collaboration will help institutional clients seamlessly convert between fiat currencies and cryptocurrencies, enhancing payment capabilities across markets.
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Announced on Monday, the partnership aims to simplify how financial institutions interact with digital assets. Citi said the initiative will enable faster and more efficient transactions by connecting Coinbase’s exchange infrastructure with its own global payments network.
Debopama Sen, head of payments at Citi’s Services division, described the collaboration as a natural evolution of the bank’s global payments strategy. She said:
“With more than 300 payment clearing networks across 94 markets globally, we see collaborating with Coinbase as a natural extension of our ‘network of networks’ approach, further supporting our clients to make payments as if there were no borders.”
The partnership builds on Citi’s long-term ambition to integrate digital currencies and blockchain infrastructure into its core payment systems. The bank sees institutional demand for crypto exposure as part of a wider transformation in cross-border finance.
Citi’s growing interest in the sector doesn’t stop there. Earlier this month, Biswarup Chatterjee, Citi’s global head of partnerships and innovation, told CNBC that the bank had been developing a crypto custody product for several years.
The planned service would allow Citi to securely hold cryptocurrencies for institutional clients, with a tentative rollout scheduled for 2026. Chatterjee said:
“We have various kinds of explorations… and we’re hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients.”
He added that the product may use both in-house and third-party infrastructure:
“We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segments of our clients, whereas we may use a third-party, lightweight, nimble solution for other kind of assets.”
The collaboration centers on payment orchestration, including fiat pay-ins and pay-outs, to help institutional clients access crypto markets more efficiently.
Debopama Sen oversees the payments division leading the Coinbase partnership, while Biswarup Chatterjee heads the custody development project.
The custody platform is expected to launch around 2026, offering secure asset storage for institutional investors.
Coinbase acts as a digital bridge, connecting Citi’s vast network of traditional financial systems with crypto payment and conversion services.