Citigroup partners with Coinbase to explore providing stablecoin payment services for customers

ChainCatcher news, according to Bloomberg, Citigroup and Coinbase Global have announced a partnership to jointly expand digital asset payment capabilities, providing services for the bank's corporate clients.

This is the latest case of Wall Street giants turning to the blockchain space for innovation against the backdrop of regulatory agencies continuously warning about the risks of digital assets for years. The initial focus of the collaboration will be to explore how to simplify the fund conversion process for Citigroup's institutional clients— including the conversion of cryptocurrency to fiat currency, as well as the reverse operation of purchasing cryptocurrency with fiat currency, covering cross-border scenarios.