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Wall Street multinational giant JPMorgan Chase became one of the financial backers of TRM Labs. The latter provides blockchain intelligence services to monetary institutions and crypto-focused businesses.
Another Crypto Initiative
One of the leading American banks – JPMorgan – has not always been supportive of the digital asset industry. In fact, its CEO – Jamie Dimon – is among the biggest critics of crypto, often claiming that bitcoin is “worthless” and that “cryptocurrencies can’t compare with traditional fiat currencies and gold.”
However, the institution has started opening its arms to the sector in the past several months. Last summer, it even provided its wealth management clients with exposure to six cryptocurrency funds.
According to a recent press release, JPMorgan continues with its efforts in the field by investing an undisclosed amount to the blockchain-based entity TRM Labs. Headquartered in California, the latter helps digital asset-focused businesses, monetary institutions, and public agencies investigate and manage crypto-related fraud and other types of financial crimes.
Esteban Castaño – Co-Founder and CEO of TRM Labs – opined that this investment “clearly highlights” the importance of the growing cryptocurrency industry. “We are thrilled to build on this opportunity as we work to enable a safer crypto-economy for all,” he added.
Umar Farooq – CEO of Onyx by JPM – said his company has spent the last six years exploring the “possibilities and applicability of blockchain technology.” In his view, firms like TRM Labs could secure the future and the further development of the sector.
It is worth noting that the California-based organization recently closed a $60 million fundraising led by Tiger Global and other notable investors. It has also brought some leading crypto players, including Circle, FTX US, and MoonPay, as customers.
JPMorgan Sees ‘Opportunities in The Metaverse’
Last month, the investment bank joined the growing number of companies that believe the Metaverse will play a huge role in the future. Specifically, JPMorgan made a bold prediction this industry will become a trillion-dollar market in the next few years:
“The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
The world’s largest digital asset management firm – Grayscale Investments – also envisioned such a scenario. Taking a closer look at its current pace, it has the potential to compete with Web 2.0 organizations that are worth around $15 trillion today, the company added.