JPMorgan & Coinbase have announced a partnership that will allow Chase customers to link their wallets to the bank and convert rewards to crypto.
JPMorgan Has Partnered Up With Crypto Exchange Coinbase
As announced via a press release, JPMorgan and Coinbase have made a strategic partnership to roll out a set of features aimed at making crypto access mainstream.
JPMorgan Chase is the largest bank in the US and one of the biggest globally, holding over $4 trillion in assets. Coinbase, meanwhile, is the leading American crypto exchange, serving major institutional entities and acting as custodian for most of the Bitcoin and Ethereum spot exchange-traded funds (ETFs).
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.
The partnership isn’t the first foray into digital assets for JPMorgan. A report from earlier in the month revealed that the bank is considering offering loans backed on Bitcoin and Ethereum collateral. Also, CEO Jamie Dimon has said that JPMorgan will explore stablecoins.
“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.
Total Bitcoin Unrealized Profit Held By Investors Has Set A New Record
According to data from on-chain analytics firm Glassnode, the total unrealized profit of the Bitcoin investors recently touched the $1.4 trillion mark, a new all-time high.
“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.
