The barriers between legacy financial institutions and cryptocurrency upstarts continue to crumble.
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JPMorgan Chase and Coinbase announced a new partnership on Wednesday that will make it easier for the banking giant’s customers to buy cryptocurrency. The first fruit of the deal will arrive this fall, allowing Coinbase users to buy digital currencies using a Chase credit card.
Next year, Chase will begin allowing customers to leverage their Chase Ultimate Rewards points to buy cryptocurrency through Coinbase — a first for a major credit card rewards program. Through the program, 100 Chase Ultimate Rewards points can be redeemed for $1 toward USDC, a so-called “stablecoin” pegged to the price of the U.S. dollar that serves as a connection point between volatile cryptocurrencies and the U.S. dollar. From there, Chase customers will be able to move their redeemed rewards points between Coinbase’s crypto offerings, which include Bitcoin, Ethereum, and a wide selection of more obscure altcoins.
“This partnership marks a significant step forward in empowering our customers to take control of their financial futures,” Melissa Feldsher, JPMorgan Chase’s head of payments and lending innovations, said in a press release announcing the partnership. The partnership, she added, would allow its loyalty program members to “use their money and rewards in new and exciting ways.” Chase customers will also be able to connect their bank accounts directly to their Coinbase wallets sometime in 2026.
JPMorgan and Coinbase characterized the new features as the first phase of a strategic collaboration that will deepen over time. “We believe crypto is for everyone, and are excited to be working with JPMorgan to expand access, lower barriers to entry, and onboard the next wave of users into crypto,” Coinbase wrote in a blog announcement. “As the most trusted bridge from traditional finance to crypto, we’re always looking for more seamless options for customers to get into crypto and make economic freedom a reality for millions of Americans.”
JPMorgan’s decision to integrate deeply with Coinbase is yet another sign that big banks have overcome their jitters around crypto and are opting to plunge in. While critics still view cryptocurrencies as risky speculative investments that lack even the few safeguards present in the traditional stock market, that view is again unpopular in 2025.
