JPMorgan Chase, a Wall Street multinational bank, became one of TRM Labs’ financial backers. This company provides blockchain intelligence services for monetary institutions as well as crypto-focused businesses.
Not another Crypto Initiative
JPMorgan, one of America’s most prominent banks, has not been supportive of digital assets. Jamie Dimon, the CEO of JPMorgan, is one of the most vocal critics against crypto. He claims that bitcoin is “worthless” as well as that “cryptocurrencies cannot compare to traditional fiat currencies or gold.”
In the last few months, however, the institution opened its doors to the sector. It even offered six cryptocurrency funds exposure to its wealth management clients last summer.
A recent press release stated that JPMorgan is continuing its efforts in this field by investing an undisclosed sum to TRM Labs, a blockchain-based entity. The latter is based in California and helps digital asset-focused businesses, financial institutions, and public agencies to investigate and manage fraud related to crypto-related crimes.
Esteban Castano, Co-Founder and CEO at TRM Labs, stated that the investment “clearly emphasizes” the growing cryptocurrency market. He added that “We are delighted to capitalize on this opportunity as our work to create a safer cryptocurrency-economy”
Umar Farooq, CEO of Onyx By JPM, stated that his company spent six years investigating the “possibilities of blockchain technology.” He believes firms such as TRM Labs can help secure the sector’s future and further development.
It’s worth noting that the California-based company recently raised $60 million from Tiger Global and other prominent investors. It also has some of the most prominent crypto players like Circle, FTX US and MoonPay as customers.
JPMorgan Sees “Opportunities In The Metaverse”
The Metaverse will be a major role in the future, according to JPMorgan, an investment bank. JPMorgan, in particular, made bold predictions that the industry would become a trillion-dollar business within the next few years.
“The Metaverse” will likely infiltrate all sectors in the next few years. The market opportunity is estimated to be over $1 trillion annually.
Grayscale Investments, the world’s largest digital asset manager firm, also envisaged such a scenario. The company said that it could compete with Web 2.0 companies worth approximately $15 trillion, if it slows down.
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