March 2, 2022
By Anjali Kochhar
Global investment bank JPMorgan has invested in blockchain intelligence platform TRM Labs, with an aim to help regulators and organizations detect increasing frauds and crimes in cryptocurrencies.
In a statement released Monday, TRM Labs announced that JPMorgan joined a number of major financial firms to invest in its crypto compliance and risk management technology.
TRM’s Transaction Monitoring solution allows financial institutions and cryptocurrency businesses to meet Anti Money Laundering (AML) regulatory requirements and manage reputational and operational risk.
“Additionally, law enforcement agencies use TRM’s Forensics tool to investigate sophisticated crypto-related crime,” the statement read.
JPMorgan’s investment amount remains undisclosed, but it comes when crypto-related crimes are increasing.
It also comes three months after TRM Labs raised $60 million in a fundraising round that Visa, Amex Ventures, Citi Ventures, PayPal Ventures, and Block (formerly Square).
“TRM’s vision to drive security and integrity in crypto ecosystems through sophisticated analytics solutions aligns with our ambitions for building blockchain products at J.P. Morgan that are compliant and secure,” said Umar Farooq, CEO of Onyx by J.P. Morgan.
“We’ve spent the last six years exploring the possibilities and applicability of blockchain technology – leading infrastructure companies like TRM will help usher in the future of secure blockchain and crypto use cases.”
Esteban Castaño, Co-Founder and CEO of TRM: “This investment highlights the significance of the growing crypto economy and the importance of building trust and safety in this ecosystem to sustain its growth.”
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.