Blockchain intelligence leader TRM Labs has announced a strategic investment from JPMorgan Chase & Co.
According to the firm’s press release, San Francisco-based TRM labs has announced that JPMorgan Chase has joined the list of financial firms to invest in its crypto compliance and risk management technology. TRM’s technology allows business, regulators and law enforcement to monitor cryptocurrency transactions for suspicious activity and to “trace the movement of stolen or other illicitly obtained funds.”
Esteban Castaño, co-founder and CEO of TRM, said his company was thrilled to use the investment opportunity to work towards building a safer crypto economy for all.
He continued,
This investment clearly highlights the significance of the growing crypto economy and the importance of building trust and safety in this ecosystem to sustain its growth.
Umar Farooq, CEO of Onyx by J.P. Morgan said TRM’s vision to drive security and integrity in crypto ecosystems was aligned with the investment bank’s ambition for building blockchain products. Farooq explained that J.P. Morgan intended to leverage infrastructure companies like TRM to help usher in the future of secure blockchain and crypto use cases.
TRM’s Transaction Monitoring solution allows financial institutions and businesses to meet Anti-Money Laundering (AML) regulatory requirements and manage their operational risk. Law enforcement agencies can also use the company’s Forensics tool to investigate crypto-related crime.
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