Coinbase Collaborates With Citi to Facilitate Seamless Adoption of Crypto and Stablecoin Payments
Coinbase Global Inc. (NASDAQ: COIN) has partnered with Citigroup Inc. (NYSE: C). The strategic partnership between Citigroup and Collaboration will help democratize stablecoin and crypto payments to individual and institutional customers.
According to Brian Armstrong, CEO of Coinbase, the collaboration with Citi will aim to improve the utility of stablecoin and the adoption of digital assets. Additionally, Citi is a leading bank with more than 200 million customers in more than 160 countries and jurisdictions.
What is the impact on the market of Citi’s collaboration with Coinbase
Bull Market Fuel: Institutionally Facilitated Mainstream Crypto Adoption
The direct impact of Citi’s collaboration with Coinbase is improving the mainstream adoption of digital assets, amid an ongoing macro bull market. With both entities serving millions of users worldwide, their partnership will improve liquidity and demand for cryptocurrency in the near term.
“This collaboration will combine Coinbase’s years of experience building a secure, streamlined, and scalable infrastructure for digital assets with Citi’s global payments network that spans 94 markets and more than 300 payment clearing systems. Together, we are working to create innovative payment solutions for institutions operating at scale,” Coinbase noted.
The two entities will build their collaboration on the notable clarity of crypto regulation, particularly in the United States. For example, Citi users will seamlessly access stablecoin payments through Coinbase in a regulated manner through the GENIUS Act.
Stock market rebound thanks to competitive advantage
Following this announcement, COIN shares rose slightly by 5% on Monday, October 27, to trade at around $366 at press time. Investors have gained confidence in COIN’s long-term growth as the exchange has an edge over its competitors.
Notably, COIN stock price during the weekly time frame signaled a potential bullish breakout towards market discovery. Meanwhile, Citi’s stock price gained 2% on Monday to trade at around $100.81 at press time.
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