Wall Street banking giant JPMorgan (JPM) is teaming with crypto exchange Coinbase (COIN) to roll out a series of integrations aimed at making it easier for the bank’s 80 million customers to buy crypto.
The partnership will allow JPMorgan customers to directly connect their bank accounts to Coinbase, redeem Ultimate Rewards points for USDC, and use credit cards to fund crypto purchases.
The features are being phased in, Coinbase said in a blog post. Credit card support is expected to launch this fall, while rewards redemption and bank account linking are slated for 2026.
The exchange said this marks the first time a major U.S. credit card rewards program can be used to buy crypto. Chase customers will be able to convert points at a rate of 100 points to $1 in USDC on Coinbase’s Base blockchain.
“This partnership marks a significant step forward,” said Melissa Feldsher, head of payments and lending innovation at JPMorgan Chase. Max Branzburg, Coinbase’s head of consumer and business products, said the move is designed to “onboard the next generation” into crypto.
The partnership is notable coming just a week after Gemini exchange co-founder Tyler Winklevoss said JPMorgan halted the exchange’s onboarding process after he criticized the bank’s new fee structure for fintech companies.
It’s also notable given JPMorgan CEO Jamie Dimon’s long-standing aversion to crypto. The bank — with Dimon’s blessing — nevertheless, continues to build its business in the crypto space.