Citi Taps Coinbase to Enhance Crypto Payments for Institutions
Analysis
Price Impact
HighCiti's partnership with coinbase to enhance crypto payment capabilities for institutional clients significantly bridges traditional finance with the crypto ecosystem, increasing accessibility and legitimacy for large-scale investors.
Trustworthiness
HighThe news comes directly from a citi press release, reported by decrypt, detailing a collaboration between a major global bank and a leading crypto exchange.
Price Direction
BullishThis collaboration is expected to facilitate greater capital flow from traditional finance into cryptocurrencies by streamlining fiat on- and off-ramps for institutions, leading to increased demand and adoption.
Time Effect
LongWhile there might be short-term positive sentiment, the full impact of enhanced institutional payment rails and the resulting increase in capital inflow will likely materialize over a longer period as more institutions engage.
Original Article:
Article Content:
Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE Wall Street bank Citi and crypto exchange Coinbase are teaming up to "boost digital-asset payment capabilities" for the bank's institutional clients. In the initial phase, the bank aims accelerate fiat pay-ins and payouts and improve orchestration to better bridge traditional finance with crypto on- and off-ramps, the bank said in a press release . “The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” Debopama Sen, the head of payments and services at Citi said in the release. “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.” Editor's note: This is breaking news and will be updated. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!