JPMorgan & Coinbase have announced a partnership that will allow Chase customers to link their wallets to the bank and convert rewards to crypto.
The two giants are joining forces to launch three new offerings for the bank’s 80 million+ customers: the ability to use Chase credit cards for making purchases on Coinbase, redemption of Chase Ultimate Reward Points for the stablecoin USDC, and a direct link between bank accounts and Coinbase wallets. The credit card purchase service is expected to go live in fall of this year, while the other two are planned for 2026.
“This marks the first time a major credit card rewards program will be used to fund a crypto wallet,” read the press release. Under the scheme, 100 Chase Ultimate Reward Points will equal $1 in USDC redemption.
“This partnership marks a significant step forward in empowering our customers to take control of their financial futures,” said Melissa Feldsher, Head of Payments and Lending Innovation at JPMorgan Chase.
The bank’s involvement in crypto could be especially relevant for the sector given its massive scale. JPMorgan Chase is considered a Global Systematically Important Bank (G-SIB), which means that world economic stability is hinged on it.
Max Branzburg, Head of Consumer & Business Products at Coinbase, said:
We’re excited to partner with JPMorganChase to onboard the next generation of consumers into crypto. Together, we are expanding choice and lowering barriers to entry for consumers to participate in the future of financial services onchain.
“This massive paper gain concentration sets the stage for potential future distribution pressure if prices continue higher,” explained Glassnode. So far, though, since this record has been reached, Bitcoin has succumbed to sideways movement, with its price still trading around $117,700.
