JPMorgan Chase (JPM) 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.
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