Millions of Chase customers will soon have the option to link their accounts directly to Coinbase wallets, simplifying the process for many Americans to buy cryptocurrency.
Starting next year, this strategic partnership will allow Chase customers to seamlessly connect their bank accounts to Coinbase wallets through a JPMorgan API, which aims to ensure security and privacy. Customers will also be able to transfer rewards points to their Coinbase accounts at a one-to-one redemption ratio (100 points equal to $1.00) to fund their crypto wallets. Additionally, from autumn, customers will have the option to fund their Coinbase accounts using Chase credit cards.
“This partnership marks a significant step forward in empowering our customers to take control of their financial futures,” says Melissa Feldsher, head of payments and lending innovation at JPMorgan Chase. “By joining forces with Coinbase, we are enhancing the security and privacy of our customers’ data, allowing them to use their money and rewards in new and exciting ways.”
This agreement represents another significant milestone in crypto’s integration into mainstream finance. Just two years ago, JPMorgan CEO Jamie Dimon expressed strong skepticism about the sector, but by May, he had shifted his stance, allowing clients to buy Bitcoin and stating, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
The bank is also reportedly exploring options for lending against clients’ cryptocurrency holdings and has begun initiatives involving stablecoins, including plans for a deposit token called JPMD, designed to represent a digital version of a commercial bank deposit.