JPMorgan Chase Strategically Invests in Blockchain-focused TRM Labs

  • This investment highlights the significance financial institutions investing in crypto technology to mitigate associated risks, Esteban Castaño, co-founder and CEO of TRM, said to Blockworks
  • TRM’s vision aligns with JPMorgan’s ambitions to build compliant and secure blockchain products, Umar Farooq, CEO of Onyx by JPMorgan, said in a statement

Blockchain news company TRM Labs has added JPMorgan Chase & Co. to its list of investors after the bank announced its strategic investment on Monday .
The full sum invested by JPMorgan was not disclosed, and neither administration was available for immediate comment .
TRM provides blockchain intelligence to help traditional fiscal institutions angstrom well as crypto-focused businesses and public agencies analyze and manage crypto-related fraud and crime .
“ I think it shows that fiscal institutions are not investing in equitable crypto and potential use cases but the technology to mitigate any consociate risks, ” Esteban Castaño, co-founder and CEO of TRM, said to Blockworks. “ It reflects the long term mindedness of the diligence and figuring out what ’ s the right answer for crypto in terms of risk management, reliance and condom. ”

The company was founded in 2017 and recently closed its $ 60 million series B in December 2021. The attack at the clock time was led by Tiger Global and included other major investors and fiscal players including American Express ’ Amex Ventures, Citi Ventures, PayPal Ventures, Visal, Block ( once Square Inc. ) and Jump Capital .
“ People often cite that fiscal institutions are ‘ here ’ and I think that ’ s more true now than ever before, ” Castaño said. “ today we see countless fiscal institutions that have palpable projects in flight for crypto related projects and services and they ’ rhenium making investments in risk management infrastructure so those products can be successful, entrust and safe for consumers. ”
JPMorgan has spent the final six years exploring the possibilities and applicability of blockchain technology, Umar Farooq, CEO of Onyx by JPMorgan, said in a statement. TRM ’ s vision aligns with JPMorgan ’ s ambitions to build compliant and fasten blockchain products, Farooq added .
Earlier this calendar month, JPMorgan took a startle into the metaverse after launching a virtual lounge in the popular blockchain-based metaverse Decentraland. The “ Onyx sofa ” was unveiled with a report from the bank outlining metaverse-related increase opportunities, Blockworks previously reported.

individually, two JPMorgan research analysts Kenneth Worthington and Reginald Smith said in a report they see 2022 potentially as “ the year of the blockchain bridge…or the class of fiscal tokenization. ” The analysts besides said they expect the development of crypto markets to accelerate this class, particularly for fiscal services, Blockworks reported in January .
“ Trust and safety is a prerequisite for crypto to be successful in the long run, ” Castaño said. “ Blockchain news builds greater hope and safety and enables crypto to become the adjacent dominant fiscal system of the worldly concern. ”
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  • Jacquelyn Melinek

    Jacquelyn Melinek is a New York-based reporter covering financing, decentralized finance ( DeFi ) and decentralized autonomous organizations ( DAOs ). She previously reported on energy markets for S & P Global Platts and Bloomberg News and is published in over 65 newsworthiness outlets. She graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism. Contact Jacquelyn via electronic mail at [ electronic mail protected ]

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