Wall Road banking large JPMorgan (JPM) is teaming with crypto trade Coinbase (COIN) to roll out a sequence of integrations geared toward making it simpler for the financial institution’s 80 million clients to purchase crypto.
The partnership will enable JPMorgan clients to immediately join their financial institution accounts to Coinbase, redeem Final Rewards factors for USDC, and use bank cards to fund crypto purchases.
The options are being phased in, Coinbase mentioned in a blog post. Bank card help is predicted to launch this fall, whereas rewards redemption and checking account linking are slated for 2026.
The trade mentioned this marks the primary time a significant U.S. bank card rewards program can be utilized to purchase crypto. Chase clients will be capable to convert factors at a price of 100 factors to $1 in USDC on Coinbase’s Base blockchain.
“This partnership marks a big step ahead,” mentioned Melissa Feldsher, head of funds and lending innovation at JPMorgan Chase. Max Branzburg, Coinbase’s head of shopper and enterprise merchandise, mentioned the transfer is designed to “onboard the following technology” into crypto.
The partnership is notable coming only a week after Gemini trade co-founder Tyler Winklevoss said JPMorgan halted the exchange’s onboarding process after he criticized the financial institution’s new charge construction for fintech firms.
It is also notable given JPMorgan CEO Jamie Dimon’s long-standing aversion to crypto. The financial institution — with Dimon’s blessing — nonetheless, continues to construct its enterprise within the crypto area.