JPMorgan and Coinbase are launching a multiphase integration that provides crypto access and payments directly to the core of US consumer banks. What is the food?
summary
- In July 2025, JPMorgan and Coinbase announced a gradual deployment to integrate Crypto Access, Payments and Rewards directly into JPMorgan’s consumer banking ecosystem.
- The partnership allows Chase users to purchase Crypto with their credit card, link their bank account to their Coinbase wallet, and convert reward points to USDC.
- In addition to this, JPMorgan launched a blockchain-based deposit token pilot at the base, targeting faster payments and programmaticity for clients at the facility.
- Analysts view this move as part of a deeper shift, with regulated banks beginning to embed crypto into everyday finance and back-end infrastructure.
jpmorgan and coinbase open new ground
In late July 2025, JPMorgan Chase and Coinbase announced a strategic partnership aimed at directly integrating crypto access into the daily financial routines of millions of Americans.
This partnership introduces a set of features that connect Chase’s traditional banking infrastructure with Coinbase’s digital asset services in a more direct and secure way.
Chase account owners can now link their bank accounts directly to their Coinbase wallets without relying on third-party payment apps.
The integration will also be extended to credit cards. Chase customers can quickly use Chase credit cards to buy Crypto from Coinbase and Crypto from Coinbase to create a native payment tier that previously did not exist between major US banks and crypto exchanges.
Another notable feature is the ability to convert credit card rewards to Crypto. Customers using Chase’s Ultimate Rewards program can redeem points from USD Coin (USDC), a stablecoin covered in regulated dollars.
The conversion rate is set at 100 points per dollar worth of US DC, allowing major US banks to redeem reward points directly against Crypto without the need for gift cards or third-party platforms for the first time.
The deployment takes place in phases. Coinbase’s credit card support is scheduled to be released in fall 2025, but the reward point conversion feature and Wallet Link from the direct account will be introduced in 2026.
When fully deployed, the system will provide nearly 80 million chase users with the ability to navigate between traditional finance and crypto via a unified interface.
Executives from both companies have described the partnership as a practical step to improving access and reducing friction.
Jpmorgan’s payments director Melissa Feldsher said the move will increase the way money and rewards can be used within a reliable financial framework.
Coinbase’s Max Branzburg described it as a way to lower the barrier and increase daily involvement with blockchain-based finance.
Why are major banks accepting crypto?
Just a few years ago, major financial institutions remained away from the crypto market. In particular, JPMorgan took a careful approach. CEO Jamie Dimon repeatedly criticised Bitcoin, calling it a scam, and banks blocked the purchase of credit cards related to cryptocurrency.
That position is now shifting. JPMorgan not only allows crypto transactions, but also supports the conversion of credit card rewards into digital currency.
Several factors have contributed to this change. As crypto is embedded in everyday finance, institutions are increasingly seeing integration as the necessary response to evolving customer expectations rather than risk.
Bernstein analysts describe the JPMorgan-Coinbase partnership as long-term structural integrity, and believe that convergence of FIAT and cryptosystems could lead to a new class of financial instruments.
These include tokenized savings mechanisms, blockchain-based lending tools, and chain-on-chine payment infrastructure designed to operate independently of legacy networks.
BCA research predicts this trend will accelerate as regulatory clarity improves.
One important development is the act of genius, and recently passed US laws defining the regulatory treatment of stubcoins. With this legitimate foundation in place now, it is expected that a wider institutional adoption will continue.
Some banks have already made progress in this aspect. Bny Mellon, the oldest bank in the United States, recently announced that it will serve as the official custodian in preparation for Ripple’s Stablecoin, Ripple USD (RLUSD).
In Europe, the same institution works with Société Générale to support the infrastructure behind French banks’ euro-backed digital currency.
US consumer banks are also making progress. The country’s seventh largest PNC bank is working with Coinbase to integrate encryption and storage capabilities within the mobile app.
Fintech companies are moving in the same direction. Known for its digital tools and prepaid cards, Green Dot partners with crypto.com to provide embedded Crypto-related banking services to US users.
At the infrastructure level, global payment companies like Visa continue to expand their chain capabilities. The company currently supports Stablecoin transactions on public blockchains, with the goal of reducing payment times and improving partner cost-effectiveness.
jpmorgan’s parallel track
While Coinbase Partnership brings Crypto Access closer to retail users, JPMorgan is also investing in parallel infrastructure that can restructure how money works within its own ecosystem.
Around the same time as Coinbase’s announcement, JPMorgan launched a pilot for a blockchain-based deposit token known as JPMD.
The token runs on a base, an Ethereum Layer 2 network developed by Coinbase, and is intended for institutional clients looking for faster, more programmable payment options.
Deposit tokens are different from stubcoins. They represent actual customer deposits held in the bank, remain on the bank’s balance sheet and qualify for interest, immediate withdrawal and protection under the existing deposit insurance framework.
Kinexys, JPMorgan’s digital assets arm, describes it as a way to maintain traditional financial regulatory standards while enabling continuous on-chain settlements. They include built-in controls for money laundering and sanctions compliance, which are essential to regulated agencies.
Base proof of concept is currently only available to approved JPMorgan clients. It supports on-chain transport nearby between JPMorgan accounts, with payment speed measured in 2 seconds minutes and transaction costs of less than 1 cent.
Taken together, JPMorgan’s double move, partnering with Coinbase for user access and manipulating deposit tokens for internal use suggests that banks are in all respects.
What will happen next
Once JPMorgan and Coinbase prepare to deploy integrated services, their performance could shape the speed at which other banks begin to offer similar tools.
If users find it intuitive to move funds, earn rewards and manage crypto via existing banking interfaces, the demand for comparable services can increase rapidly.
For everyday consumers, the experience may be more seamless. Instead of relying on multiple apps to track assets, a single dashboard can display bank balances, crypto holdings, reward points, and investments together.
The ability to convert reward points to Stablecoins, purchases using digital assets, and schedule repeated crypto investments via debit cards could unlock new financial behaviors.
Additional use cases may appear. Credit card points may be automatically directed to Crypto assets as part of your monthly account activity. Cryptocurrency revenues may be routed towards mortgage repayments or other scheduled banking obligations.
Retail users can find greater value in loyalty programs that offer flexible redemption options, including tokenized versions of traditional benefits such as travel miles and cashback.
Institutional involvement also raises important issues regarding security and education. While such partnerships can enhance trust and ease of use, they do not eliminate the risks associated with digital assets.
Users may encounter volatility, price fluctuations, or irreversible transactions. Financial institutions need to establish safeguards, support systems and clear communications to ensure that new users are protected and well-informed.
As financial services begin to natively integrate blockchain assets, the user experience could evolve into part of the everyday tools that cryptographic information is not separate, but simply used to manage money.