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<a href="https://www.businessinsider.com/category/crypto-economy"></a><div type="image" title="Esteban Castaño TRM Labs cofounder and CEO" height="5213" width="6951" msid="92860756" hostid="261" sizebytes="921290"></div><ul class="summary-list"><li><keyword id="11548451" type="UNKNOWN" weightage="60" keywordseo="trm-labs" source="Orion">TRM Labs</keyword> offers <keyword id="14446902" type="UNKNOWN" weightage="60" keywordseo="compliance" source="Orion">compliance</keyword> and risk-management tools to <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword> firms and regulators.</li><li>This February, JPMorgan announced a strategic investment in TRM Labs.</li><li>TRM Labs' cofounder and CEO told Insider that business is increasing, not waning, despite downturn.</li></ul>This year's volatility in the crypto markets <a href="https://www.businessinsider.com/crypto-crash-bitcoin-ethereum-luna-bitcoin-stablecoin-what-to-buy-2022-5" target="_blank" rel="nofollow noopener sponsored">has seen billions washed out</a> of the digital-assets ecosystem. But one startup, TRM Labs, is seeing increased interest in its back-end tools used by a swathe of players working across digital assets despite — or because of — the market's turn. TRM Labs cofounder and CEO Esteban Castaño told Insider that TRM Labs grew at its fastest pace ever in the second quarter — topping record growth earlier this year. The startup has raised $80 million since launching in 2017, including a $60 million Series B last December that saw participation from the venture arms of financial giants like Citi, PayPal, and American Express. And this June, TRM Labs announced <a href="https://www.trmlabs.com/post/trm-labs-acquires-uk-crypto-investigations-training-company-csitech" target="_blank" rel="nofollow noopener sponsored">its acquisition</a> of UK-based investigative blockchain training company CSITech. Based in San Francisco, TRM Labs provides compliance, risk management, and anti-fraud tools to financial firms, blockchain players, and regulators alike. The startup has inked partnerships with at least one major financial firm, JPMorgan — which announced a strategic investment in TRM Labs this February — and counts Shopify and crypto-native giants like Circle and FTX as clients."We're seeing crypto businesses continue to mature their compliance programs and make significant investments in improving their ability to monitor for money laundering, financial crime, and sanctions exposure," Castaño said.The financial sector, he added, represents TRM Lab's second-fastest-growing client base, after the public sector but ahead of crypto-native businesses. As one example, payments companies in particular, like Shopify, have embraced TRM Labs' transaction monitoring tools to combat money laundering. Chainalysis, another crypto compliance service <a href="https://www.businessinsider.com/how-to-get-job-crypto-exchange-binance-secretive-investigations-regulation-2022-6" target="_blank" rel="nofollow noopener sponsored">in an increasingly crowded space</a>, estimates <a href="https://markets.businessinsider.com/news/currencies/crypto-crime-blockchain-money-laundering-bitcoin-ethereum-defi-chainalysis-2022-1" target="_blank" rel="nofollow noopener sponsored">more than $8 billion</a> in crypto was laundered in 2021. <h2>Aircraft carriers vs. speed boats</h2>JPMorgan, which <a href="https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-in-the-metaverse.pdf" target="_blank" rel="nofollow noopener sponsored">announced</a> the opening of a virtual branch in the metaverse this February, isn't the only Wall Street bank to eye new digital-asset offerings this year. Goldman Sachs has been top of the list among suitors interested in buying the assets of distressed crypto lender Celsius, <a href="https://www.coindesk.com/business/2022/06/24/goldman-sachs-raising-funds-to-buy-celsius-assets-sources/" target="_blank" rel="nofollow noopener sponsored">CoinDesk reported this June.</a> And in May, <a href="https://www.prnewswire.com/news-releases/paxos-and-state-street-partner-to-deliver-reduced-costs-and-t0-settlement-in-innovative-pilot-301548744.html" target="_blank" rel="nofollow noopener sponsored">State Street teamed up with Credit Suisse</a> and <a href="https://www.businessinsider.com/paxos-blockchain-tech-powering-crypto-efforts-at-wall-street-giants-2022-7" target="_blank" rel="nofollow noopener sponsored">another crypto startup, Paxos</a>, to work on a same-day stock settlement pilot.For banks increasingly partnering with crypto startups or catering to clients flush with crypto assets, TRM Labs offers one particularly in-demand product called "Know-Your-VASP" — or virtual asset service provider."A big bank could pull a report from TRM to get the overall risk profile of, say, a large cryptocurrency exchange, and then make a decision if they want to serve that exchange," Castaño said.TRM Lab's tech is built across 26 different blockchains, <a href="https://www.trmlabs.com/post/trm-integrates-with-ethereum-scaling-platform-polygon" target="_blank" rel="nofollow noopener sponsored">including the recent addition of Ethereum-based platform Polygon.</a> According to Castaño, the startup builds its compliance tools across three core areas: "One cup of raw blockchain data, one-half cup of threat intelligence, and another half cup of advanced analytics." He views TRM Labs' services as akin to Google Maps — layers of intelligence and screening tools live on top of a flat level of data. In Castaño's view, for the past five years, most traditional financial firms have been in a "research phase" when it comes to digital assets. Now, those same names are transitioning to a "deployment phase," actively rolling out new crypto products and embracing new compliance tools. "Whereas a two-person crypto startup might function more like a speedboat, large financial institutions can sometimes function more like aircraft carriers," Castaño said. "They just spent the last three years reorienting the ship and pointing it towards digital assets and crypto, and we are seeing that momentum continue to carry forward even through any bear market," he added.

Crypto compliance provider TRM Labs is helping top Wall Street firms like JPMorgan wade into digital assets

<a href="https://www.businessinsider.com/category/crypto-economy"></a><div type="image" title="wealth management and tech wall street 2030 4x3" height="900" width="1200" msid="92755292" hostid="261"></div><ul class="summary-list"><li>Paxos is a startup that lets other companies offer <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> products and services.</li><li>It has inked deals with <keyword id="11895526" type="UNKNOWN" weightage="60" keywordseo="wall-street" source="Orion">Wall Street</keyword> powerhouses from Bank of America to Mastercard.</li><li>The startup has raised $540 million and is valued at $2.4 billion.</li></ul>Wall Street is finally turning a corner when it comes to crypto — and one startup that's established itself as a critical link between the two worlds is gearing up despite the crypto downturn. Paxos provides <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> infrastructure for businesses to offer crypto features and services, from tokenization to buying, holding, and selling crypto. It's part of <a href="https://www.businessinsider.com/top-b2b-fintechs-for-crypto-blockchain-web3-defi-infrastructure-2022-3">a new class of fintechs</a> that has emerged to help traditional firms access the new world of infrastructure and offer crypto services to their customers.The startup has raised $540 million to date, is valued at $2.4 billion, and has established relationships with firms like Bank of America, Credit Suisse, and Mastercard."They come to us to be able to use our technology and our regulatory stack as both the technology, but also the licensing to be able to provide those services," Walter Hessert, Paxos' head of strategy, told Insider of its typical client.<div type="image" title="Walter Hessert Paxos" height="300" width="400" msid="92755293" hostid="261"></div>PayPal and its subsidiary Venmo both enable their users to buy, sell, and hold bitcoin and other major cryptocurrencies by leveraging Paxos on the back-end. The same goes for LatAm fintechs <a href="https://paxos.com/2022/04/07/how-mercado-libres-crypto-wallet-reached-1m-users-in-60-days-with-paxos/">Mercado Libre</a> and <a href="https://paxos.com/2022/05/11/nubank-expands-crypto-market-access-to-tens-of-millions-of-users-powered-by-paxos/">Nubank</a>. Paxos' partnerships are similar to that of challenger banks and its back-end banking partners. While you've likely heard of Chime, it's less likely you've come across The Bancorp Bank or Stride Bank. But they're the reason the online-only bank can offer debit cards and checking accounts without a national bank license.Just as neobanks need back-end banking partners that have the necessary regulatory approval and tech to offer financial products, traditional Wall Street firms need to pair up with a crypto partner to offer digital-asset features.<h2>Wall Street eases into crypto</h2>The boss of the nation's largest bank in JPMorgan could be one of the clearest signals of the industry's changing attitude toward digital assets and their underlying tech — and how nuanced it can be. JPMorgan CEO and Chairman Jamie Dimon went from <a href="https://www.businessinsider.com/bitcoin-price-worse-than-tulip-bulbs-2017-9?utm_source=markets&amp;utm_medium=ingest">calling the asset class "a fraud"</a> in 2017 to praising crypto's underlying technology, blockchain, just five years later in his <a href="https://reports.jpmorganchase.com/investor-relations/2021/ar-ceo-letters.htm">2022 annual shareholder letter</a>.Indeed, <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword> incumbents, from <a href="https://www.businessinsider.com/crypto-projects-and-plans-at-top-wall-street-banks#goldman-sachs-6">Goldman Sachs</a> to <a href="https://www.businessinsider.com/citi-names-puneet-singhvi-head-of-a-new-crypto-team-2021-11">Citigroup</a>, have begun to embrace the technology in the past year. And global venture funding into blockchain startups increased to $25.2 billion last year — a more than 700% jump between 2020 and 2021 — <a href="https://www.cbinsights.com/research/report/blockchain-trends-2021/">according to CB Insights</a>.Another driver of Wall Street's embrace of crypto is "that this is ultimately just another rail on which these assets can move — and there's a lot of complexities to holding and trading and moving digital assets or tokenizing non-digital assets into digital assets," Hessert added. For instance, Paxos' equities settlement service, used by <a href="https://www.bloomberg.com/news/articles/2021-05-17/bank-of-america-joins-paxos-blockchain-stock-settlement-network">Bank of America</a> and <a href="https://paxos.com/2021/04/06/instinet-and-credit-suisse-conduct-same-day-settlement-of-traded-stocks-in-historic-first-with-paxos-settlement-service/">Credit Suisse</a>, enables faster processing because of its underpinning blockchain technology.Those firms are "leveraging us to be able to turn cash and US stocks into tokenized forms for more transparent and closer to real-time settlement than what's available today," Hessert said. Looking ahead, Paxos is eyeing a bigger piece of the Wall Street pie when it comes to tokenizing assets. In 2019, Paxos expanded into gold-backed tokens with Pax Gold, and that's just the beginning."There's $700 trillion of financial assets in the world and Paxos, our big bet is that over time — it may take 20 years — but that all of those financial assets effectively will be replatformed on the blockchain," Hessert said.Other prime candidates include getting into FX markets via the rise of tokenized fiat currencies, real estate, and digital types of properties, like non-fungible tokens, he added.And while the bear market has put downward pressure on the crypto industry, it's not Paxos' first rodeo. The fintech has been around since 2012 and endured the crypto winter in 2018. The current downturn has seen "ebbs and flows of interest and motivation to integrate these solutions," Hessert said. But the company views the accelerated integration of crypto and blockchain in the last two to three years as offsetting the current pullback, he added."There's definitely a different sentiment in the retail crypto market than there was two months ago," Hessert said, but having Paxos' core product focused on the infrastructure layer between institutions has helped insulate the company somewhat from cryptocurrency trading volatility. "Just because there is a sharp crash in the price of the underlying asset doesn't mean it's any less of an exciting or important technology that's being adopted," Hessert said.

Meet Paxos, the startup behind some of Wall Street's biggest crypto offerings from Bank of America, Mastercard, and PayPal

<a href="https://www.businessinsider.com/category/rise-of-the-crypto-economy"></a><div type="image" title="Left to right: White Rock Management CEO Andy Long, Founder Serhiy Tron, and North America General Manager Alex Lyashok." height="3840" width="5119" msid="92525977" hostid="261" sizebytes="437624"></div><ul class="summary-list"><li>New York issued a two-year moratorium on certain crypto-mining permits that could set a precedent.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> miners who use sustainable energy sources could have an advantage if other states follow.</li><li>White Rock Management's sustainable mining is helping it expand into other countries like the US.</li></ul>When New York's State Legislature passed a <a href="https://markets.businessinsider.com/news/currencies/cryptocurrencies-new-york-mining-bill-senate-moratorium-passes-bitcoin-vote-2022-6">bill</a> in June putting a two-year moratorium on issuing certain new crypto-mining permits, it was an attempt, in part, to curb the use of fossil-fuel plants. But the crypto-mining industry, which lobbied hard against the bill, saw it as a potential precedent that other states, and maybe even the federal government, might follow.Supporters of the bill wanted to see miners banned from using the city's power grid as the state executes <a href="https://www1.nyc.gov/site/sustainability/achievements/renewable-energy.page#:~:text=A%20clean%20energy%20system%20is,100%25%20clean%20electricity%20by%202040">climate-change themed</a> initiatives that rely on electricity.White Rock Management is a <keyword id="14313891" type="UNKNOWN" weightage="60" keywordseo="crypto-miner" source="Orion">crypto miner</keyword> that uses <a href="https://www.businessinsider.com/cowa-green-crypto-mining-startup-tips-industry-for-consolidation-2022-4">sustainable techniques</a>, like hydro electricity, which are immune to such moratoriums. But that hasn't stopped its CEO Andy Long from voicing his concerns over the regulation."When government starts to decide what you can and can't do with a piece of hardware, it's the thin end of the wedge. It's too close to the state deciding what private enterprise can do," Long told Insider.White Rock, which is based in Switzerland, mines 712 petahashes, or 0.7 exahashes, per second and owns just under 1% of the network. It plans to expand its bitcoin-mining operations to other countries, including the US, to diversify its mining locations and push its network share to 1.5% by 2024. Long, who was a miner nine years before joining White Rock in 2021, knows how critical regulations can be to business. He recalled being offered "very cheap power" in Iran a few years back. He turned down the offer and months later it proved to be a wise decision when sanctions were announced against Iran, a measure that would have disrupted plans. "You don't want to have all your eggs in one basket. It's good to be globally diversified," Long said.In White Rock's eyes, the US is an attractive country overall when examining infrastructure and regulation. It's also keen on positioning itself for the mergers and acquisitions it believes will soon follow the recent market selloff. "There are 29 listed miners between the US and Canada. And then you have privately-held entities like ourselves. I think there's going to be quite a lot of activity of companies merging and acquiring each other. So we want to have a presence in North America to be part of that picture," Long said.White Rock is keeping an eye on how states like New York handle the crypto-mining industry. If New York's governor signs the moratorium, it wouldn't stop White Rock from entering the Empire state because the corporate miner mainly uses clean energy sources, Long said. White Rock's operations include 19 hydro-electric stations on a river in Sweden that generate 4,300 megawatts, of which White Rock uses more than 50 megawatts. The miner aims to have a similar setup in the States, if possible. Northern New York is on its radar, but the state doesn't offer enough hydroelectric options to keep it top of White Rock's list of viable locations for its hardware. So the company is focusing more on the middle of the country.White Rock <a href="https://www.prnewswire.com/news-releases/white-rock-management-launches-first-us-bitcoin-mining-operation-301576032.html">secured a location in Texas</a>, a state that already houses one of the <a href="https://markets.businessinsider.com/currencies/news/largest-bitcoin-mine-operator-plans-us-listing-raise-half-billion-2021-2-1030113575">largest crypto mines in the world</a>, and is in "advanced talks" to secure more locations in other states, including Wyoming.The miner is still looking for prime locations. For White Rock, Long said those are states "more inclined to let private enterprise take personal responsibility for what they're doing; and states where there's infrastructure to basically secure the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> network." In June, Bitzero, a bitcoin-miner backed by investor and Shark Tank personality Kevin O'Leary, announced it was setting up its operations in <a href="https://markets.businessinsider.com/news/currencies/conocophillips-sells-natural-gas-north-dakota-bitcoin-miners-bakken-shale-2022-2?utm_medium=ingest&amp;utm_source=markets">North Dakota</a>. The company is looking into other ways to source energy in case hydro electricity isn't always possible like solar, wind, and nuclear. But it has to be consistent and predictable for machines that run non-stop.<a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Flare gas</a>, a byproduct of oil patches which one the US's largest bitcoin miners, North Dakota-based <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Crusoe Energy</a> uses to run its operations, is an option. But Long said flare gas has yet to be fully efficient. So White Rock will keep an eye on the legislation surrounding it. "We've seen some states actually legislate to restrict flaring. And we think that's a good thing because there's better ways of doing that," Long said. "But that's getting into direct emissions. It's not saying what you do with the power. That's what I don't like about the New York legislation."

White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

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Crypto compliance provider TRM Labs is helping top Wall Street firms like JPMorgan wade into digital assets

Carter Johnson,Bianca Chan

Meet Paxos, the startup behind some of Wall Street's biggest crypto offerings from Bank of America, Mastercard, and PayPal

Bianca Chan,Carter Johnson

White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

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