Wall Street giant JPMorgan announced on Wednesday that customers will soon be able to use their Chase credit cards to buy cryptocurrency, after striking a “strategic partnership” with crypto exchange Coinbase.
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Starting in the fall of 2025, customers will be able to transfer money from their Chase credit cards directly into their Coinbase account. Then, by early 2026, they’ll also be able to redeem credit card reward points for USDC, a U.S. dollar-pegged stablecoin, through a program called “Ultimate Rewards.” They’ll also be able to directly link their Chase bank accounts to Coinbase to fund crypto purchases.
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Coinbase shares were up nearly 4% by 9:40 a.m. ET.
The partnership signals a milestone for the crypto industry, as banks rush to enter the space. It’s also expected to be the first of many similar deals. Earlier this month, PNC announced that it was collaborating with Coinbase to offer cryptocurrency trading services to its customers.
“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,” said Max Branzburg, Head of Consumer & Business Products at Coinbase, in a release.
Melissa Feldsher, Head of Payments and Lending Innovation for JPMorgan Chase, added that by joining forces with Coinbase, the company was enabling customers “to use their money and rewards in new and exciting ways.”
However, JPMorgan CEO Jamie Dimon has long been skeptical of crypto. “Bitcoin itself has no intrinsic value,” he said in an interview with CBS News in January. “It’s used heavily by sex traffickers, by money launderers, ransomware. So I just don’t feel great about Bitcoin.” At the time, he also likened the cryptocurrency to smoking. “I applaud your ability to want to buy or sell it, just like I think you have the right to smoke,” he said. “But I don’t think you should smoke.”
CoinbaseJPMorgan’s partnership with Coinbase underscores how eager banks are to not miss out on the crypto boom, as the once-fringe assets gain traction with mainstream retail and institutional investors alike.
Bitcoin surged more than 75% over the past 12 months, buoyed by President Donald Trump’s promise to deliver a radical shakeup of regulatory policy, leaving investors anticipating that institutional capital will pour into crypto markets once a first-of-its-kind legal framework permits it.
Following through on campaign promises, Congress passed the first-ever U.S. federal law focused on digital assets earlier this month. The GENIUS Act, officially the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” establishes a framework for the issuance, backing, and regulation of stablecoins. Previously, partnerships like the one between Chase and Coinbase would not have been legal.