The financial behemoth has opted to back a blockchain intelligence company.
JPMorgan Chase & Co. is the latest corporation to invest in TRM labs, a blockchain intelligence pioneer in San Francisco. According to a news statement from TRM, JPMorgan has agreed to support TRM’s crypto compliance and risk management system.
The blockchain company is known for its cryptocurrency transaction monitoring and is proud to provide solutions for exchanges to trace the movement of stolen or other illicitly obtained funds, which provides a great help in keeping up with the AML and CFT regulations.
TRM’s CEO, Esteban Castao, expressed his delight and expressed his thoughts on further crypto integration, saying that this investment “clearly underscores the relevance of the expanding crypto economy and the importance of building trust and safety in this ecosystem to support its growth.”
When it comes to future goods, Umar Farooq, CEO of Onyx by J.P. Morgan, has revealed that the company has ambitions to get into the cryptocurrency space. The bank’s decision to invest in TRM could indicate that they’re laying the groundwork for future projects.