JPMorgan Teams with Coinbase; Eric Balchunas Slams 1.4% Crypto Fees
Main Idea
JPMorgan Chase partners with Coinbase to enable customers to buy and redeem crypto, while facing criticism over high fees from industry experts.
Key Points
1. JPMorgan Chase partnered with Coinbase to allow Chase customers to buy crypto and redeem Chase Ultimate Rewards points for USD Coin (USDC) at a 1:1 rate starting in 2026.
2. This integration aims to simplify crypto purchases by enabling direct transfers from Chase accounts to Coinbase wallets.
3. JPMorgan is expanding its digital asset involvement, with CEO Jamie Dimon stating the bank plans to be involved in crypto and exploring crypto-backed lending, potentially starting in 2026.
4. Bloomberg ETF analyst Eric Balchunas criticized the high fees (1.4%) for crypto purchases via Coinbase, suggesting a low-cost Bitcoin ETF as a cheaper alternative.
5. The partnership marks the first time a major U.S. credit card rewards program can be directly converted into crypto.
Description
JPMorgan Chase will integrate crypto purchases and rewards redemptions via Coinbase for Chase customers starting in fall 2025. Eric Balchunas criticized the partnership’s 1.4% commission, urging JPMorgan to consider a low-cost Bitcoin ETF instead. JPMorgan is also exploring stablecoins and crypto-backed loans, signaling deeper involvement in digital assets by 2026. JPMorgan Chase partnered with Coinbase to enable Chase customers to buy crypto, redeem rewards points for stablecoins, and link bank...
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