JPMorgan Chase and Coinbase Global signed an agreement to directly link customers' bank accounts to their cryptocurrency wallets. Paige Smith reports on "Bloomberg Markets."

JPMorgan and Coinbase have agreed to a new partnership that will enable customers to directly connect their bank accounts with their cryptocurrency wallets on Coinbase. Previously, such connections relied on third-party data aggregators, but this new arrangement will offer a more streamlined and secure option for users.

The partnership is expected to reduce transaction friction and lower costs for customers. Additionally, JPMorgan credit card holders will have the ability to redeem their Chase Ultimate Rewards points for cryptocurrency through Coinbase. The service is not yet live but is planned to launch in the coming months.

JPMorgan, Coinbase agree to link bank, crypto accounts

What kind of relationship did the two have prior to this formal partnership. Well I think it's safe to say that there are sort of connections between cryptocurrency companies and banks kind of across the space. But this partnership is new and different because it really gives customers sort of that direct access from their bank accounts to their cryptocurrency wallets at Coinbase. That's different because previously you know there were these there were data aggregators that sort of served as the middlemen between the crypto wallets and the banks. And to be clear those relationships are not going away with this. This is just sort of another option if you will for Coinbase users. And the benefit to consumers and individuals is that this would reduce friction and lower costs. That's part of it. I think another component of it is just the sort of direct connection. And from the bank's perspective there's been a lot of concern about using these sort of middleware providers or these data aggregators from a fraud perspective or from a third party liability perspective if you will. So this direct connection alleviates some of the bank's concerns we think. But there are a number of other interesting components of the deal as well. So one thing of course when we talk about JP Morgan Chase people have their bank accounts there but people also use their credit cards without having bank accounts there. Is there a link up here with the credit card business of JP Morgan and Coinbase as well. That's exactly it. There's a really interesting sort of component of this which is that you can actually redeem your chase ultimate rewards for cryptocurrency which is quite interesting. If you have a you know theoretically if you had a chase Sapphire Reserve card and you want to redeem some of your points and buy you know Bitcoin you could do that theoretically in the future. So this is this is merely an announcement today. It's not live today but it will be live in the coming months.

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Washington

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Birmingham

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Jerusalem

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Hawaii

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