Top Financial Institutions Invest $60M in Blockchain Risk Management Startup TRM Labs


TRM Labs Raises $60M in Latest Funding Round

Blockchain technology is cutting edge but it’s especially subject to financial fraud. It’s why top players who wade deeply into the cryptocurrency ecosystem have found it an absolute must to invest in sophisticated analytics.

On December 7, San Francisco-based crypto analytics and investigations firm TRM Labs announced it had raised $60 million in a Series B funding round. Led by American investment firm Tiger Global, participants included financial leaders like American Express’ Amex Ventures, Visa, Citi Ventures, and Paypal Ventures. The funding round follows on the heels of a Series A round in June which raised $14 million.

And That’s Not All

A slew of venture capital firms also participated including B. Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, DRW Venture Capital, Jump Capital, Marshal Wace, as well as payment firm Block (formerly Square, Inc.).

Who else? Top operators like Coinbase Global President and COO Emilie Choi, Frank Slootman, Chairman and CEO of Snowflake Computing, Inc., and Michael Scarpelli said company’s CFO also joined the fray.

Why TRM Labs?

TRM is a blockchain intelligence platform that provides support to financial institutions, governments, and others for over 900K digital assets across 23 blockchains as well as non-fungible tokens (NFTs). It serves the crypto-industry on matters of both risk and compliance.

The platform monitors and detects suspicious activity and helps companies meet anti-money laundering regulatory requirements. It provides forensic tools for governments to investigate crypto-related crimes such as scams and terrorist financing activities.

Said TRM co-founder and CEO Esteban Castaño, “Crypto is moving faster than any sector in our lifetimes. Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape, from ransomware attacks to decentralized finance exploits.” Castaño added that the round “enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers.”

A Fast-Moving Sector

As the world of cryptocurrencies evolves, building a safer financial system is a key requisite for any financial institution. According to a recent press release, since launching from Y Combinator in 2019, TRM has evolved from a small four-person operation to now sixty employees. And year over year, it says its revenue has grown 600 percent.

Investors in the startup are not alone. In September, Mastercard acquired its own blockchain intelligence company, CipherTrace, with plans to integrate its analytics into its own platform.

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