JPMorgan chase announced on Monday that it would make a strategic investment in TRM labs, a blockchain analysis firm, becoming the latest in a growing number of wall street firms expanding their footprint in the cryptocurrency sector.
The analytics software used by TRM and others has become a go-to for regulators and law enforcement agencies looking to keep tabs on the flow of illicit crypto transactions. Last week, banking giant BNY Mellon, announced it would begin integrating similar analytics tools from Chainalysis.
Esteban Castano, TRM’s co-founder, and CEO said, “The JPMorgan investment clearly highlights the significance of the growing crypto economy and the importance of building trust and safety in this environment to sustain this growth”.
While firms like Chainalysis, TRM labs, and Elliptic work with a growing number of big names in the finance sector, most of their clients aren’t disclosed.
At the end of last year, TRM announced a $60 million raise led by Tiger Global, it also included the venture arm of American Express, Visa, crypto venture capital firm, Capital Island Ventures.