JPMorgan Chase partners Coinbase to enable bank-to-wallet service for clients

JPMorgan Chase announced a strategic collaboration with Coinbase on Wednesday, July 30 aiming to make crypto services more accessible to the bank’s global clients. As part of this partnership, the Wall Street bank plans to bring an array of crypto-friendly services like wallet-to-bank conversions and crypto card experiences to its customers. This step marks another milestone in the evolving relationship between traditional banking mammoths and the crypto sector.

For Coinbase, this deal will directly onboard millions of JPMorgan clients onto its userbase. For JPMorgan, meanwhile, the deal is expected to better serve its crypto-friendly customers with a diverse range of digital asset services, addressing a wide range of their requirements.

JPMorgan-Coinbase: What this team brings to the table

This partnership between the banking and crypto titans will focus on three major services for JPMorgan clients — the establishing a direct bank-to-wallet connection, the generation of reward points, and the integration of Chase credit cards with the Coinbase platform.

JPMorgan has offered its “secure API” to be the backbone for letting its users link their bank accounts with Coinbase wallets for instant crypto-to-fiat transactions. Additionally, Chase bank customers will be able to transfer their Chase Ultimate Rewards points to their Coinbase wallets at a 1:1 redemption rate. This would fetch them $1 for 100 points. The companies will also integrate Chase credit cards with Coinbase as part of this deal.

This new collaboration marks a significant milestone, as it’s the first time a major credit card rewards program will be directly used to fund a crypto wallet. It further introduces the ability for individuals to fund their Coinbase accounts directly through Chase credit cards.

“We are enhancing the security and privacy of our customers’ data, allowing them to use their money and rewards in new and exciting ways,” Melissa Feldsher, Head of Payments and Lending Innovation for JPMorganChase said in her statement.

Max Branzburg, the Head of Consumer and Business Products at Coinbase also said that through this collective effort, more individuals and entities will get better grip over their finances — both, off-chain and on-chain.

The integration of Chase credit cards with Coinbase accounts is estimated to go live by later this year. The direct bank-to-wallet and Ultimate Rewards features, however, are slated to be rolled-out by 2026.

Merger of TradeFi and crypto

JPMorgan has been engaging and experimenting with cryptocurrencies for a while now. In recent months as well, the banking giant has taken multiple crypto-focused steps to cater to the advance fintech needs of its clients.

Last week, a JPMorgan official said it was exploring the possibility of letting clients borrow against crypto holdings. The bank has additionally filed for a “JPMD” trademark hinting at plans to debut a dollar-backed stablecooin.

Coinbase, meanwhile, has also been partnering banks to explore collaborative crypto efforts in the U.S., owing to a supportive regulatory ecosystem shaping up under President Donald Trump. Earlier this month, for instance, Coinbase partnered financial services firm PNC Bank to help the latter’s customers explore crypto services.