JPMorgan infuses capital in blockchain intelligence company, TRM Labs

JPMorgan infuses capital in blockchain intelligence company, TRM Labs
  • The blockchain firm previously raised $60 million in Series B round
  • In 2021, the tech company raised $14 million in PayPal and Bessemer led Series A round

American investment banking company, J.P. Morgan Chase has become the latest investor in blockchain intelligence firm- TRM Labs at an undisclosed investment amount.

As per the announcement, the investment will provide backing to the San Francisco company’s cryptocurrency compliance as well as a risk management technology.

TRM claims that a large number of cryptocurrency businesses, law enforcement agencies, financial institutions, and regulators benefit from TRM’s cryptocurrency transaction monitoring technology in identifying suspicious activity and tracking illicitly obtained funds or movement of stolen capital.

Briefly discussing the investment, TRM Co-founder and CEO, Esteban Castano mentioned that the capital preceded by an earlier $60 million Series B, represents the booming crypto economy and the significance of a safer ecosystem to support the extravagant growth.

Umar Farooq, CEO of J.P. Morgan, explained why the investment makes sense for the banking firm, -that is because of TRM’s commitment to enhance security and integrity of crypto ecosystems by leveraging sophisticated analytics solutions.

For last 6 years, J.P. Morgan has continued to explore opportunities and use cases of blockchain technology, in line with its goal to build compliant and secure blockchain products.

With strong infrastructure players such as TRM Labs, the banking firm hopes to march into the future of secure blockchain and crypto utility.

Moreover, TRM’s transaction monitoring solutions allow both financial institutions and cryptocurrency businesses to comply with the regulatory requirement for anti-money laundering (AML) and address reputational or operational risk.

While TRM’s platform is perceived as the only solutions provider of cross-chain analytics that helps detect and probe high-risk activity over diverse blockchains, TRM also offers forensic tools to law enforcement agencies for investigating crypto-related crime.

It has been reported that TRM Labs secured $14 million worth investment in Series A round speared by PayPal Ventures and Bessemer Venture Partners.

Source Credit: https://www.pymnts.com/news/investment-tracker/2022/jpmorgan-invests-blockchain-firm-trm/