With an investment in TRM Labs, JP Morgan has become the latest financial titan to show its support for blockchain technology.
TRM Labs, a blockchain analytics startup that tracks the movement of criminal cash and analyzes crypto transactions for suspicious behavior, revealed yesterday that it has gotten a mark of approval from the world’s largest bank in the form of an undisclosed investment.
TRM Labs gained assistance from Paypal Ventures, Visa, and American Express in a recent $60 million series B fundraising round headed by Tiger Global, now JP Morgan has joined a growing club of payments industry giants to invest.
The news comes less than a week after BNY Mellon, a US bank, announced a collaboration with Chainalysis, a blockchain compliance and analytics business that likewise analyzes criminal activities on the blockchain.
According to TRM’s announcement:
“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,” said Esteban Castaño, Co-Founder and CEO of TRM. “We’re thrilled to build on this opportunity as we work to enable a safer crypto economy for all.”
“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,” said Umar Farooq, CEO, Onyx by J.P. Morgan. “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.”