TRM Labs, a leader in blockchain intelligence, has received a strategic investment from JPMorgan Chase & Co.
TRM labs, based in San Francisco, has revealed that JPMorgan Chase has joined the list of financial firms that have invested in its crypto compliance and risk management technology, according to the firm’s press release. TRM’s technology enables businesses, regulators, and law enforcement to “track the transfer of stolen or other illicitly obtained funds” by monitoring bitcoin transactions for suspicious activity.
TRM co-founder and CEO Esteban Castao said his organization was ecstatic to be able to leverage the funding opportunity to help establish a safer crypto economy for everyone.
TRM’s vision to drive security and integrity in crypto ecosystems was aligned with J.P. Morgan’s ambition to build blockchain products, according to Umar Farooq, CEO of Onyx by J.P. Morgan. J.P. Morgan intends to use infrastructure businesses like TRM to assist usher in the future of safe blockchain and crypto use cases, according to Farooq.
Financial institutions and enterprises can use TRM’s Transaction Monitoring service to meet Anti-Money Laundering (AML) regulatory obligations and manage operational risk. The company’s Forensics product can also be used by law enforcement organizations to investigate crypto-related crime.
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