JPMorgan to Modernize Loyalty Points into Tradeable Assets
Shutterstock
Main page News, Fintech, Banking

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

JP Morgan Sees Risks for US Geopolitical Power in CBDCs

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close