Coinbase Insights: JPMorgan Strengthens Blockchain Leadership with Kara Kennedy Appointment

JPMorgan Chase has taken a significant step in bolstering its digital asset infrastructure by appointing Kara Kennedy as the global co-head of Kinexys, its blockchain-focused division. Based in Edinburgh, Kennedy will lead Kinexys Digital Assets and Kinexys Labs, focusing on asset tokenization and blockchain development. She will work alongside Naveen Mallela, who continues to oversee payments-focused units from Singapore. This move underscores JPMorgan's commitment to advancing blockchain technology and digital asset innovation, positioning the bank as a key player in the evolving crypto landscape. The appointment highlights the growing institutional interest in blockchain solutions and their potential to transform traditional finance.

JPMorgan Appoints Kara Kennedy as Global Co-Head of Blockchain Division Kinexys

JPMorgan Chase has deepened its commitment to digital asset infrastructure by naming Kara Kennedy as the new global co-head of Kinexys, its blockchain-focused division. Based in Edinburgh, Kennedy will oversee Kinexys Digital Assets and Kinexys Labs, driving asset tokenization and blockchain development initiatives. She joins Naveen Mallela, who continues to lead the payments-focused units from Singapore.

The MOVE comes as regulatory clarity improves in the U.S., allowing traditional financial institutions to expand their blockchain footprints. Kennedy previously led digital asset product strategy for JPMorgan's securities services business, bringing institutional blockchain expertise to her new role.

JPMorgan's blockchain ambitions are already materializing through pilot programs. The bank has been testing JPMD, a blockchain-based token representing dollar deposits, completing its first transfer to Coinbase in June. These developments signal growing institutional adoption of tokenized finance solutions.

Why Coinbase’s USDC Fee Shift Feels Like a Bank Trap

Coinbase, a cornerstone of the crypto economy, faces backlash over its new fee structure for USDC conversions. Starting August 13, the exchange will impose a 0.10% fee on net USDC-to-USD conversions exceeding $5 million within a 30-day window. The move has reignited debates about centralization and trust, with critics likening it to traditional banking practices.

Ryan Sean Adams of Bankless voiced concerns, questioning why frictionless stablecoins should incur fees for fiat access. The crypto community echoes this sentiment, wary of exchanges adopting the systems they once sought to disrupt. Coinbase's decision underscores the tension between decentralization ideals and operational realities.

Coinbase Implements 0.1% Fee on Large USDC-to-USD Conversions Amid Revenue Pressures

Coinbase will begin charging a 0.1% fee for USDC-to-USD conversions exceeding $5 million within a 30-day window starting August 13. The move marks the first monetization of its previously free stablecoin off-ramping service, coming days after disappointing Q2 earnings triggered a 15% stock decline.

User backlash erupted on social media, with critics comparing the new fee structure to traditional banking charges. CEO Brian Armstrong defended the decision, citing competitive disadvantages against Tether's existing redemption fees. The fee applies to net conversion volume calculated over rolling 30-day periods.

The policy change coincides with broader financial challenges at Coinbase, including plans for a $2 billion convertible bond offering. Exchange personnel framed the measure as necessary to align with industry standards, noting competitors charge higher fees for fiat conversions.

BlackRock's Ethereum Sell-Off Sparks Market Jitters as Remittix Gains Momentum

Ethereum faces downward pressure after BlackRock offloaded $375 million worth of ETH in a single day, triggering a 1.4% price drop. The asset manager's transfer of 101,975 ETH to Coinbase Prime coincides with $600 million in ETF outflows, though partial recovery occurred. Technical analysis shows ETH struggling at the $3,610 support level, with a symmetrical triangle formation suggesting impending volatility.

Meanwhile, Remittix (RTX) emerges as a standout performer, boasting 500% gains in 2025. The payment platform has raised $18.2 million through token sales at $0.0895 per unit, demonstrating strong investor appetite for alternative crypto projects during Ethereum's consolidation phase.

Critics Blast Coinbase's 0.10% Charge on USDC Transactions Above $5 Million

Coinbase's new fee structure, imposing a 0.10% charge on net USDC-to-USD conversions exceeding $5 million in a 30-day rolling period, has drawn sharp criticism from industry observers. The policy, effective August 13, marks a departure from crypto's ethos of frictionless transactions, with critics likening it to traditional banking practices.

Ryan Sean Adams of Bankless podcast voiced frustration, noting the move "feels like bank fees again." The timing exacerbates concerns, coming amid persistent user complaints about account restrictions and withdrawal freezes. While Coinbase reports an 82% reduction in account freezes, trust remains fragile.

For institutional players, the costs are tangible. Patrick Aljord highlighted that converting $500 million WOULD incur $50,000 in fees—a significant sum that undermines crypto's value proposition for large-scale users.

Polish Companies Embrace Bitcoin Strategy Following MicroStrategy's Lead

Corporate adoption of Bitcoin as a treasury asset continues gaining momentum globally, with two Polish gaming companies now joining the trend pioneered by MicroStrategy. The U.S. business intelligence firm holds Bitcoin worth billions—dwarfing its $463 million annual software revenue—after beginning acquisitions in 2020 as an inflation hedge.

Japan's Metaplanet and Trump Media & Technology Group have made significant bitcoin purchases recently, alongside notable holdings from Tesla, Coinbase, and Riot Platforms. This institutional wave now reaches Central Europe as Warsaw-listed Ice Code Games secured €1 million to establish BTC reserves, while Immersion Games plans to pivot entirely from unprofitable game development to blockchain-focused operations.

Both companies intend to custody assets through institutional-grade solutions from Coinbase Prime and Fidelity, mirroring the long-term holding strategies of earlier corporate adopters. The moves highlight Bitcoin's growing recognition as a legitimate treasury asset class beyond speculative trading.