TRM Labs, a leader in blockchain intelligence, has announced a strategic investment by JPMorgan Chase & Co.
TRM labs, based in San Francisco, announced in a press release that JPMorgan Chase has joined the list of financial firms that have invested in its crypto compliance and risk management technology.
TRM technology can be used by businesses, regulators, and law enforcement to monitor cryptocurrency transactions for unusual activity and “trace the movement of stolen or otherwise illegally obtained funds.”
TRM co-founder and CEO Esteban Castao stated that his company was thrilled to be able to use the investment opportunity to contribute to the development of a more secure crypto economy for everyone.
According to Umar Farooq, CEO of Onyx by J.P. Morgan, TRM’s vision to drive security and integrity in crypto ecosystems is aligned with the investment bank’s ambition to build blockchain products.
According to Farooq, J.P. Morgan intends to work with infrastructure companies such as TRM to help pave the way for the development of secure blockchain and cryptocurrency applications in the future.
Using TRM’s Transaction Monitoring solution, financial institutions and businesses can ensure that they are in compliance with anti-money laundering regulations while also managing operational risk.
The Forensics tool developed by the company can also be used by law enforcement agencies to investigate crypto-related crimes and fraud.
TRM Laboratories Additional Information
TRM Labs is a regulatory technology company that aims to improve the cryptocurrency industry’s compliance.
They believe blockchain technology has the potential to create a society in which value flows freely by democratising the formation of property rights, lowering transaction, negotiation, and coordination costs, and enabling novel ways of organising human behaviour.
TRM Lab was founded in 2017 in California and Maryland by Esteban Castao and Rahul Raina.
Read More: Shiba Inu: Minister of Economy for Turkey Reportedly Has Meeting With $SHIB Army Member