Compliance Agency TRM Labs Raises $70M as Crypto Crime Ticks Up

 Compliance Agency TRM Labs Raises $70M as Crypto Crime Ticks Up



Blockchain Intelligence firm TRM Labs has raised $70 million in a Sequence B funding spherical, the corporate introduced this morning.

With an preliminary $60 million elevate in December 2021, led by Tiger World, the current funding spherical took the tally to $130 million.

The current funding spherical was led by Thoma Bravo and attracted outstanding buyers, together with Goldman Sachs, PayPal Ventures, Amex Ventures, and Citi Ventures.

Monetary establishments use TRM’s blockchain intelligence platform to trace fraudulent or unlawful monetary exercise throughout 23 completely different blockchains to assist crypto companies adjust to anti-money laundering (AML) rules. 

The corporate additionally presents cross-chain analytics to observe inter-blockchain fund transfers.

“Within the quickly evolving regulatory panorama, TRM’s capabilities are ever extra vital to serving to organizations scale and adapt danger administration wants,” mentioned Thoma Bravo precept Christine Kang.

TRM Lab’s clientele contains varied crypto and monetary service firms, together with Uniswap, USDC’s creator Circle, MoonPay, Shopify, and Opensea.

TRM Labs has workplaces in the UK, Singapore, Australia, Brazil, and the United Arab Emirates (UAE) and boasts a workforce of greater than 150. 

Its workforce members embody former legislation enforcement officers from UK’s Nationwide Crime Company, INTERPOL, Australian Federal Police, IRS-Felony Investigation, FBI and U.S. Secret Service.

TRM Labs takes on crypto crime

In keeping with Chainalysis, greater than $3 billion has been stolen within the crypto business this 12 months. 

As crypto crimes flourish, so too has TRM Labs’ enterprise. The agency’s income grew 490% year-over-year since its launch in 2018.

The corporate plans to direct the contemporary funds to develop efficient instruments to counter wrongdoing in crypto. 

“Demand has by no means been stronger for options that assist defend crypto customers, impede illicit actors, and help blockchain-based innovation,” mentioned Esteban Castaño, co-founder and CEO of TRM.

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