The largest financial institution in the US, JPMorgan Chase, is collaborating with fintech startup Affinity Capital Exchange to modernize loyalty point portfolios into trading assets.
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The fintech startup is reportedly working on upgrading rewards programs into a standardized and exchangeable currency. The new asset entitled 'Reserve Points' is broken down and sold on to investors over the Ace Capital Exchange marketplace.
With the new program, hotels, airlines, and big loyalty operators could realize the value of their portfolios to raise capital from lenders, institutional investors, or operating partners.
JPMorgan Global Co-head of Investment Banking, Jim Casey, says with the new program the bank has the potential to provide its clients and their operating partners "a unique opportunity to generate value together, while also enabling access to a wider investor base."
In August 2020, the blockchain company ConsenSys acquired Quorum, a blockchain network based on the Ethereum blockchain and developed by JPMorgan, for an undisclosed price.
With the acquisition, ConsenSys now offers a full range of products, services, and support for Quorum, accelerating the availability of features and capabilities.
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