Citigroup Inc. and cryptocurrency exchange Coinbase announced plans to collaborate on digital asset payment solutions for the U.S. bank’s institutional clients, with the potential to expand the offering to global customers in the future.

The initial phase of the partnership will focus on enabling users to deposit and withdraw traditional currencies—commonly referred to as “fiat” in the crypto industry—through Coinbase’s platform. The arrangement aims to facilitate smoother transitions between conventional money and digital assets such as cryptocurrencies, the companies said in a joint statement Monday.

The collaboration marks a notable step as traditional financial institutions increasingly explore ways to integrate digital assets into their services for institutional clients.