The US-based financial service company will continue making its mark in the crypto industry via a strategic investment into a blockchain intelligence solutions firm.
JPMorgan has been delving into blockchain technologies for several years, with the recent development being the digital coin system Onyx, which was launched in the Kingdom of Bahrain earlier this year.
Meanwhile, JPMorgan decided to invest in a blockchain intelligence platform TRM Labs in order to ensure security and prevent instances of malicious activity on the blockchain.
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In fact, TRM Labs monitors suspicious transactions through various blockchains, including Solana which is the priority for the company.
Based on the official report, TRM is used by several agencies including law enforcement, financial institutions, regulatory authorities, and crypto exchanges themselves. That is because it ensures the company, whether it would be a crypto startup or a FinTech firm, meets the required anti-money laundering (AML) requirements.
Even more so, TRM is used to track and maintain patterns of digital footprints left by cybercriminals, and it is "the only platform that provides cross-chain analytics."
The CEO of Onyx by JPMorgan Umar Farooq highlighted TRM’s role as being the go-to blockchain intelligence firm that will allow JPMorgan’s blockchain technologies to run on a secure network. He stated:
"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."
Likewise, CEO of TRM Esteban Castaño spoke on the strategic investment into his company and emphasized the importance to build "trust and safety" in the crypto market in order to keep the digital asset ecosystem safe to use.
A few weeks ago, JPMorgan announced its Quantum Key Distribution Network which is a blockchain-based network that is supposedly resistant to quantum computing attacks.
