The financial services firm, JPMorgan became the latest firm to invest in TRM Labs, a prominent blockchain intelligence solutions provider. The company mentioned that the strategic investment from JPMorgan will facilitate the expansion of its operations.
Since the start of 2021, JPMorgan has increased its presence in the global crypto and blockchain ecosystem. Earlier this year, the Central Bank of Bahrain announced the testing of JPM Coin to provide efficient settlement solutions.
Through the recent investment in TRM Labs, JPMorgan has enhanced its blockchain portfolio. Umar Farooq, the CEO of Onyx by JPMorgan, believes that the need for compliant and secure blockchain products is growing rapidly.
“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. 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,” Farooq said.
Last year, JPMorgan announced a collaboration with Singapore’s DBS for the development of a new blockchain-based platform for cross-border payments. In August 2021, JPMorgan led the $50 million Series B funding round of Aumni, the US-based investment analytics firm.
Crypto Compliance
With the growing adoption of cryptocurrency assets, crypto-related crime has increased. To counter that, blockchain intelligence platforms have introduced several tools for the identification of money laundering and risky transactions.
“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,” TRM added.
In December last year, TRM Labs raised almost $60 million in a Series B investment round led by Tiger Global.
