Blockchain Intelligence Firm TRM Labs Raises $60M in Series B Funding Round

Blockchain Intelligence Firm TRM Labs Raises $60M in Series B Funding Round


Key Takeaways

Blockchain intelligence firm TRM Labs has raised $60 million in a Series B funding round.
The round was led by startup investing giant Tiger Global, with participation from Amex, Visa, City, Paypal, and others.
Since it launched in 2019, TRM has grown its revenue by 600% year-to-year since and expanded its team from four to 60 employees.

Share this article

TRM Labs, a blockchain intelligence firm helping financial institutions and law enforcement trace crypto transactions, announced Tuesday it has raised $60 million in a Series B funding round led by Tiger Global.

TRM Labs Closes $60M Raise

According to a press release, the Series B funding round was led by startup investing giant Tiger Global, with participation from notable financial institutions, including Amex, Visa, City, and payment firms PayPal and Block (former Square).

Commenting on the raise, co-founder and CEO of TRM Labs Esteban Castaño said:

Betfury

“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 DeFi exploits.”

According to Castaño, the latest fundraise will allow TRM to continue to offer the most innovative technology solutions on the market to its customers. TRM raised $14 million in a Series A equity round at an undisclosed valuation in June. 

Since launching in 2019, TRM has grown its revenue by 600% year-over-year and expanded its team from four to 60 employees. The company offers blockchain analytics and transaction tracing solutions to financial institutions and law enforcement. Its customers include DeFi exchange Uniswap, centralized exchange FTX, stablecoin issuer Circle, as well as government agencies IRS and FBI.

“Risk and compliance is a crucial piece of the puzzle as financial institutions, blockchain-based businesses, and government entities look to bring crypto into the world of finance,” TBD lead at Block Mike Brock said in a press release. “TRM is already a proven partner to a number of leading organizations, and its newest backers are just one indicator of its growth potential. We’re excited to be part of it.”

Crypto’s rapid proliferation and exponential growth have prompted concern in various government agencies, who fear criminals could use the technology for illicit activities, including money laundering and ransom payments. To the point, today the Biden administration published a document outlining its anti-corruption strategy, which includes targeting cryptocurrencies with a new Department of Justice (DOJ) task force.

According to the document, the task force, dubbed the National Cryptocurrency Enforcement Team (NCET), will focus on “crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

Law enforcement often commissions third-party blockchain intelligence firms like TRM Labs, Chainalysis, CipherTrace, and Elliptic to detect and fight crimes involving cryptocurrencies. As crypto continues to grow, these will likely play an even more important part within the industry, hence why they’re able to raise significant sums of money with relative ease.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Natives Are Dominating the Market: Chainalysis Report

It’s almost impossible to make outsized gains on newly-minted NFT purchases without being whitelisted, Chainalysis said in their latest NFT market report. You’re Either In, or You’re Out According to…

How Bumper’s Price Protection Helps DeFi Users Earn Yield on Their A…

Is it possible to build a DeFi protocol that counters crypto’s inherent volatility while also letting holders enjoy the upshot of their assets? Bumper Finance is a DeFi price-protection protocol that aims…

FinCEN Appoints Former Chainalysis CTO as Acting Director

FinCEN has hired the former CTO of Chainalysis to be its acting director. The move indicates that the agency is adding more talent to focus on the burgeoning crypto sector….

Winklevoss-led Gemini Exchange Raises $400M at $7.1B Valuation

According to a Forbes report, founders of New York-based crypto exchange Gemini, Tyler and Cameron Winklevoss are in the final stages of closing a $400 million fundraising deal that would…



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest