JPmorgan Chase is strategically investing in blockchain-focused TRM labs

JPmorgan Chase is strategically investing in blockchain-focused TRM labs

The blockchain intelligence company TRM Labs added JPMorgan Chase & Co. to its list of investors after the bank announced its strategic investment on Monday.

The total amount invested by JPMorgan was not announced, and none of the organizations was available for an immediate statement.

TRM offers blockchain intelligence to help traditional financial institutions as well as crypto-oriented companies and authorities with the analysis and administration of crypto-related fraud and crime.

"This investment clearly underlines the importance of the growing crypto economy and the importance of building trust and security in this ecosystem in order to maintain its growth," said Esteban Castaño, co -founder and CEO of TRM , said in an explanation. "We look forward to building on this occasion while we are working on enabling a safer crypto economy for everyone."

The company was founded in 2017 and recently completed its $ 60 million series B in December 2021. The round was led by Tiger Global at the time and included other great investors and financial actors, including Amex Ventures from American Express, Citi Ventures, PayPal Ventures and Visal, Block (formerly Square Inc.) and Jump Capital.

jpmorgan has spent the last six years to research the possibilities and applicability of blockchain technology, said Umar Farooq, CEO of Onyx by JPmorgan. The vision of TRM agreed with the ambitions of JPMorgan to develop compliant and safe blockchain products, added FarooQ.

At the beginning of this month, JPMorgan dared to jump into the meta-verse after it started a virtual lounge in the popular blockchain-based meta verse decentraland. The "Onyx Lounge" was presented with a report by the bank in which growth options were outlined in connection with metavers, Blockworks previously reported.

Regardless of this, two research analysts from JPMorgan, Kenneth Worthington and Reginald Smith, said in a report that in 2022 they may be seen as "the year of the blockchain bridge ... or the year of financial tokenization". The analysts also said that they expect the development of the cryptom markets to accelerate this year, especially for financial services, reported block works in January.

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The contribution JPMorgan Chase Invested strategically in blockchain-focused TRM Labs is not a financial advice.