JP Morgan has invested in blockchain intelligence company TRM Labs.

TRM Labs, founded 2017, provides software that allows businesses to manage and prevent cryptocurrency-related fraud and crime.

The total amount invested by the US banking giant was not disclosed.

The news comes after TRM labs raised $60 million in a Series B round funding in December 2021, led by Tiger Global.

JP Morgan announced that it is building and scaling technologies including but not limited to tokenisation and digital identity in paper outlining its metaverse strategy last month.

“This investment clearly highlights the significance of the growing crypto economy and the importance of building trust and safety in this ecosystem to sustain its growth,” said Esteban Castaño, co-founder and chief executive at TRM. “We’re thrilled to build on this opportunity as we work to enable a safer crypto economy for all.”

Umar Farooq,chief executive of Onyx by JP Morgan, said: “TRM’s vision to drive security and integrity in crypto ecosystems through sophisticated analytics solutions aligns with our ambitions for building blockchain products at JP Morgan that are compliant and secure. “We’ve spent the last six years exploring the possibilities and applicability of blockchain technology – leading infrastructure companies like TRM will help usher in the future of secure blockchain and crypto use cases.”

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