Series A was conducted by Bessemer Venture Partners. PayPal Ventures, Salesforce Ventures and Blockchain Capital also participated.
TRM Labs uses digital forensics and integrates dozens of blockchain distributed ledgers to track and trace transactions between them to analyze virtual assets. The objective is to detect in real time the signs of fraud and financial crimes such as money laundering.
As more companies around the world begin to adopt blockchain technologies such as cryptocurrencies and non-fungible tokens into their business models, compliance and risk management have become more complex.
“The TRM Labs team is building an extraordinary business that will be of critical importance in helping financial institutions make a safe transition to a new financial system in the digital age,” said Ethan Kurzweil, Partner at Bessemer Venture Partners, who joined the TRM. Advice.
Digital assets on blockchains are still an emerging class explored by many industries and their pitfalls are difficult to overcome. Fortunately, the blockchains themselves constantly record up-to-date records of transactions which, with proper regulatory compliance, can keep everyone involved safe.
“At TRM, we have built the next generation of blockchain intelligence with the mission of building a safer financial system for billions of people,” said Esteban Castaño, co-founder and CEO of TRM Labs.
The total value of assets in decentralized financial protocols, such as blockchain smart contracts, increased 18-fold over the past year, from $ 630 million to $ 13 billion, according to a report from the World Economic Forum. And now the big banks have even started offering cryptocurrency-related services.
“TRM will also continue to be a strong partner for governments and regulators around the world as they strive to ensure that illicit actors do not take advantage of this new financial system,” said Kurzweil.
Competitors to TRM Labs include Elliptic Enterprises Ltd., which raised $ 23 million in late 2019, and Chainalysis Inc., which recently raised $ 100 million.
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