Banking Giant JPMorgan Makes New Investment in Crypto Analytics Firm
https://ift.tt/hfzi4Ne
The largest bank by assets in the United States is investing in a blockchain intelligence firm as the adoption of crypto assets continues to deepen.
Cryptocurrency analytics firm TRM Labs says in a statement that JPMorgan Chase is investing in its “crypto compliance and risk management technology.”
According to Umar Farooq, the CEO of JPMorgan’s blockchain-based wholesale payments transactions subsidiary, Onyx by JPMorgan, the investment in TRM Labs will assist the banking giant in achieving regulatory compliance.
“TRM’s vision to drive security and integrity in crypto ecosystems through sophisticated analytics solutions aligns with our ambitions for building blockchain products at JPMorgan 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.”
According to TRM Labs, its flagship product TRM Transaction Monitoring helps organizations in detecting crypto-related fraud and financial crime.
The blockchain intelligence firm says US cryptocurrency exchange FTX US and the issuer of the US-Dollar Coin (USDC) stablecoin, Circle, are among its clients using TRM Transaction Monitoring to detect suspicious or fraudulent activity and comply with anti-money laundering regulatory requirements.
The investment by JPMorgan comes months after the investment giant Tiger Global led a $60 million fundraising round in TRM Labs. Among the participants in the round included the venture capital arms of U.S. financial institutions American Express, Citi Group and PayPal. Other firms that participated in the capital raise include payments giant Visa and the Jack Dorsey-founded fintech firm Block.
TRM Labs is based in San Francisco, California, and was launched out of the startup accelerator firm Y Combinator in 2019.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Design Projects/Vladimir Sazonov
Cryptocurrency
