The largest bank in the United States has teamed up with the country’s top centralized crypto exchange (CEX) in a multi-part strategic partnership. JPMorgan Chase, with $4.3 trillion in assets, and Coinbase announced on Wednesday a new partnership to offer more than 80 million Chase customers a new, more streamlined way to access crypto via Coinbase.
The deal centers around three new features: a “direct bank-to-wallet connection” through JPMorgan’s API, the ability to use Chase credit cards to buy crypto on Coinbase, and the option to convert Chase Ultimate Rewards points into USDC, the second-largest U.S. dollar-pegged stablecoin, according to a press release. Both the bank-exchange link and the credit card rewards conversion features are expected to go live next year, while Coinbase customers should be able to use their Chase credit card to fund their account on the exchange as soon as this fall.
With the bank-exchange connection, Chase customers will be able to move funds directly between their bank account and Coinbase, without using a third-party banking aggregator, namely Plaid, which is the system currently in place for linking banking accounts to the crypto exchange.
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