TRM Labs, a leader in blockchain intelligence firm, has received a strategic investment from JPMorgan Chase & Co.
TRM labs, based in San Francisco, has added JPMorgan Chase to its list of financial institutions that have invested in its crypto compliance and risk management technology. 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.
He went on to say,
This investment emphasizes the relevance of the burgeoning crypto economy, as well as the imperative of fostering trust and safety in this ecosystem to ensure its long-term viability.
TRM’s aim to drive security and integrity in crypto ecosystems was aligned with J.P. Morgan’s ambition to produce blockchain solutions, according to Umar Farooq, CEO of Onyx 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.
About TRM Labs
TRM Labs is a regulatory technology company that strives to make the crypto business more compliant. They think that through democratizing the formation of property rights, lowering transaction, negotiation, and coordination costs, and enabling new methods to organize human behavior, blockchain can create a society where value flows freely.
TRM Lab is headquartered in California, Maryland, and was formed in 2017 by Esteban Castao and Rahul Raina.
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