(Reuters) -Citigroup and cryptocurrency exchange Coinbase plan to collaborate on digital asset payment solutions for the U.S. bank’s institutional clients, to expand the offering to global clients in the future.

The partnership will initially focus on enabling users to deposit and withdraw traditional currencies (commonly referred to as “fiat” in crypto) through Coinbase’s services, marking a significant step as it allows smooth transitions between traditional money and digital assets like cryptocurrencies, the two companies said in a joint statement on Monday.

Additionally, the collaboration will streamline payment operations, Citi said.

“By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset

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