TRM Labs Expands Series B With $70M to Mitigate Crypto Crimes


Blockchain intelligence startup TRM Labs announced the addition of $70 million in funding as an expansion to its Series B round bringing its total raised funds to $130 million.

The round was led by private equity firm Thoma Bravo which currently manages $122 billion in assets under management (AUM). Markedly, this follows the $60 million which was similarly generated in a Series B round with Tiger Global in December 2021.

Investors in the present funding round are Goldman Sachs and previous TRM investors including PayPal Ventures, Amex Ventures, and Citi Ventures amongst others.

The blockchain intelligence company plans to use the fund to boost its product development as well as hire new talents that will channel their energy into designing effective and accessible tools which would help mitigate illicit crimes and fraud.

Also, this expansion will seek to address the growing demand for incident response service and training programs. “Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and Chief Executive Officer (CEO) of TRM. 

“As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge,” He added.

Use Cases of TRM Intelligence Solution

Ordinarily, the TRM Labs is designed as a platform that provides tools that identify and analyze illicit transactions that are crypto-related. Its intelligence solution is utilized by law enforcement agencies, regulators, tax authorities, and many global financial intelligence units. TRM also serves some private sector clients like Circle, Shopify, MoonPay, OpenSea, and Uniswap.

Many of these organizations leverage TRM intelligence solutions and centralized interphase to meet sanctions and anti-money laundering regulatory (AML) requirements.

As per a published statement, the TRM platform is able to analyze 1 million digital assets across 23 blockchains. It can also identify customers’ risk exposure especially, those affecting Virtual Assets Service Providers (VASP).

Recently, payment giant and card issuer Mastercard launched a tool that works in similitude to the TRM platform. Mastercard introduced Crypto Secure to detect illicit financial digital assets crimes and fraud. CipherTrace is another masterpiece rolled out by Mastercard.

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