Jamie Dimon once called Bitcoin a “hyped-up fraud.” Now, his bank is rolling out direct fiat-to-crypto rails with Coinbase. The move signals a seismic shift in how Wall Street’s biggest players view digital assets.
Summary
- JPMorgan and Coinbase are partnering to allow direct bank-to-wallet crypto transfers, loyalty point conversions, and credit card funding.
- The move marks a major reversal from CEO Jamie Dimon’s earlier anti-Bitcoin stance and signals Wall Street’s deeper integration with crypto.
On July 30, JPMorgan Chase and crypto exchange Coinbase announced a partnership that effectively stitches traditional banking into the crypto economy. The deal gives Chase customers a direct path to move cash, credit, and even credit card rewards into Coinbase wallets, bypassing the clunky ACH transfers and third-party processors that have long made crypto onboarding a headache.
Starting in 2026, users can link Chase accounts directly to Coinbase via API, while Chase Ultimate Rewards points will convert to crypto at a 1:1 ratio, the companies said in the statement. Later this fall, Chase credit cards will also be enabled for Coinbase funding, a first for a major U.S. bank.
From skeptic to stakeholder: JPMorgan’s crypto evolution takes form
The initiative is being billed by JPMorgan executives as a move toward financial empowerment. Melissa Feldsher, who leads Payments and Lending Innovation at the bank, described the partnership as a foundational shift in how customers interact with both their money and their data.
“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. With Ultimate Rewards, the most flexible loyalty program in the industry, our customers can now seamlessly and securely convert their points into cryptocurrencies,” Feldsher said.
JPMorgan’s partnership with Coinbase marks a sharp philosophical pivot for the bank and its executives. In 2017, CEO Jamie Dimon Jamie Dimon called Bitcoin a ‘fraud’ and joked it was only good for drug dealers.
That was nearly eight years ago. Fast forward to today, and the JPMorgan boss’s bank is rolling out the red carpet for crypto, letting customers buy digital assets with credit cards, bank transfers. The message is clear: crypto is no longer a fringe experiment. It’s a feature of modern finance.
Beyond the Coinbase deal, JPMorgan’s crypto ambitions are widening. Earlier this month, reports surfaced that the bank was exploring crypto-backed loans, potentially allowing clients to borrow against their digital asset holdings.
This service has long been offered by crypto-native lenders but is unprecedented for a traditional banking giant. If implemented, it would mark another milestone in Wall Street’s cautious but accelerating embrace of blockchain-based finance.
