JPMorgan Chase Moves to Enable Credit Cards to Fund Coinbase Accounts

JPMorgan Chase is partnering with cryptocurrency exchange platform Coinbase to allow customers to use Chase credit cards to fund their Coinbase accounts, according to a recent press release.

The move stands to boost revenues for the largest bank in the U.S., as well as those of other credit card issuers who follow suit. Chase can earn revenue when people use one of its credit cards to fund a cryptocurrency account. 

The banking leader also earns revenue when a crypto-related purchase leads a cardholder to carry a balance from one billing cycle to the next.

JPMorgan Chase’s move comes in the wake of President Donald Trump signing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law on July 18. 

PNC Bank also announced a partnership with Coinbase in July.

PNC Bank announced an agreement with Coinbase on July 22 that broadens access to digital asset solutions for the bank’s customers.

“Crypto adoption is set to accelerate following the passage of the GENIUS Act,” BCA Research said, per a report from CNBC. “Companies across the crypto ecosystem are well positioned to benefit from digital asset growth and price appreciation.”

Chase plans to let cardholders fund Coinbase accounts with Chase credit cards beginning in the fall of 2025. In addition, the company is rolling out a novel way for its customers to use their Chase Ultimate Rewards Points.

The rewards program that links cardholders with travel perks and opportunities to make dinner reservations at exclusive eateries will soon let customers transfer points to their Coinbase accounts. The move “marks the first time a major credit card rewards program will be used to fund a crypto wallet,” according to the company.

While these changes open the door for Chase to realize more revenue from existing customers, they also have the potential to bring new customers to Chase’s door.

Some 105 million people around the world use Coinbase, and nearly 11 million of those are active on the company’s platform every month.

By moving quickly to facilitate Coinbase transactions for its customers, Chase is in a position to attract crypto enthusiasts who have been waiting for a major bank to align more deeply with cryptocurrencies in the manner Chase has.

The bank may also attract people who’ve yet to purchase cryptocurrencies but now have confidence to do so with Chase’s support.

Max Branzburg, Coinbase’s Head of Consumer and Business Products, said in the press release that Coinbase is looking forward to collaborating with Chase “to onboard the next generation of customers into crypto.”

“Together, we are expanding choice and lowering barriers to entry for consumers to participate in the future of financial services onchain,” Branzburg added.