UPDATE: Coinbase integrates payments into Citi platforms as US rollout starts
CIE News ·
Coinbase and Citi have activated their expanded tie-up in the U.S., integrating checkout tools into Spring by Citi and using Citi's Virtual Account Wallet.
As previously reported, Citi and Coinbase have widened their institutional payments partnership. Decrypt reported on September 28 that Coinbase's payment rails are now directly plugged into Spring by Citi, enabling merchant clients to accept stablecoins at checkout. Coinbase handles the conversion into fiat, while Citi acts as the bank of record to settle the funds.
In addition, Coinbase has deployed Citi's Virtual Account Wallet to run Coinbase Virtual Accounts. This setup enables companies using Coinbase to receive, store, and transfer funds with automatic conversion from fiat currencies like U.S. dollars into stablecoins. According to Decrypt, both services have launched initially for corporate users in the U.S.