JPMorgan Chase (JPM) and digital currency exchange Coinbase (COIN) have partnered to offer cryptocurrency services to their shared clientele.
Going forward, customers of JPMorgan, the world’s biggest bank, will be able to connect their bank accounts directly to their crypto wallets at Coinbase.
JPMorgan Chase will also allow customers to convert their Chase Ultimate Rewards points into funds within their Coinbase accounts.
This feature allows a major credit card rewards program to be directly linked to cryptocurrency wallets.
Also, beginning this autumn, the partnership will enable customers to use their JPMorgan Chase credit cards to add funds to their Coinbase crypto accounts.
The Coinbase partnership is the latest example of the ways in which JPMorgan Chase is embracing crypto after years of steering clear of digital assets over risk concerns.
The Coinbase deal also comes amid reports that JPMorgan is interested in assuming control of Apple’s (AAPL) credit-card program, potentially succeeding Goldman Sachs (GS) in that role.
Last month, Coinbase introduced “Coinbase Payments” to enable the use of crypto stablecoins for online purchases.
JPMorgan’s stock is up 25% this year and trading at $299.63 U.S. per share.
