JPMorgan Invests In Blockchain Intelligence Firm TRM Consulting

Global investment bank JPMorgan has invested in blockchain intelligence platform TRM Labs, which helps cryptocurrency organizations and regulators detect frauds and crimes.

In a statement released Monday, Feb. 28, TRM Labs announced that JPMorgan joined the roster of major financial firms to invest in its crypto compliance and risk management technology.

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," the statement read.

JPMorgan has not disclosed the amount of its investment, but it comes when crypto-related crimes are increasing.

It also comes three months after TRM Labs raised $60 million in a fundraising round that Visa, Amex Ventures, Citi Ventures, PayPal Ventures, and Block (formerly Square).

"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."

"This investment 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.