JPMorgan Chase & Co. becomes yet another company to invest in San Francisco-based TRM labs, a blockchain intelligence leader. TRM has announced in their press release, that JPMorgan has decided to support their crypto compliance and risk management technology.
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.
Esteban Castaño, CEO of TRM, has shared his excitement and voiced his opinion on further crypto integration: “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.”
Umar Farooq, CEO of Onyx by J.P. Morgan has confirmed that the company has ambitions to move into the cryptocurrency territory when it comes to their future products. The decision to invest in TRM might signal the bank’s preparing the soil for their future endeavors.
JPMorgan is not the first major company to invest in TRM, as well as not the first bank to show interest in cryptocurrency-based products. However, the majority of banks are still rather apprehensive of crypto, which might give JPMorgan the competitive edge it could need in the future.