TRM Labs Raises $4.2M in Funding
Summary
The company, which brings total funding raised to date in its seed round to $5.9m, intends to use the funds to grow its engineering and data science teams, expand into new markets, and accelerate product development. Co-founded in 2018 by Esteban Castaño and Rahul Raina, TRM provides financial institutions with solutions to measure, monitor, and mitigate their cryptocurrency risk exposure so they can safely embrace cryptocurrency-related transactions, products, and partnerships. Financial institutions use TRM to monitor and mitigate their direct and indirect risk exposure to cryptocurrencies. The company integrates with more than a dozen blockchains, and analyzes billions of virtual asset transactions to detect signs of fraud and financial crime like money laundering in real-time. Since then, it has delivered its cryptocurrency compliance and risk management solutions to global financial institutions including major banks, brokerages, and exchanges across US, Latin America, Asia, and Europe.