JPMorgan Partners with Coinbase to Enable Crypto Purchases for Customers
JPMorgan (JPM) is partnering with Coinbase (COIN) to enhance crypto access for its 80 million customers. Key features of the integration include:
- Direct bank account connection to Coinbase
- Redemption of Ultimate Rewards points for USDC
- Credit card support for crypto purchases
Credit card functionality will launch this fall, while rewards redemption and bank linking are targeted for 2026. This initiative allows Chase customers to convert 100 points into $1 in USDC on Coinbase's Base blockchain.
This partnership follows JPMorgan's recent halt of Gemini's onboarding process after criticism regarding fees. Notably, it occurs despite CEO Jamie Dimon's previous skepticism toward crypto, indicating a strategic shift towards expanding in the crypto sector.