TRM Labs Raises $60 Million in Series B Funding Round

San Francisco-based blockchain intelligence company, TRM Labs, has announced a new $60 million raise via a Series B funding round led by Tiger Global, the firm stated in a press release today.

The recently concluded funding round also saw participation by several financial institutions including PayPal Ventures, Visa, American Express’ Amex Ventures, DRW Venture Capital, Citi Ventures, Jump Capital, Marshall Wace,  and Jack Dorsey’s Block (previously referred to as Square Inc).

Also participating in the round were new and existing venture firms like Castle Island Ventures, Blockchain Capital, and B Capital Group, among others. Furthermore, TRM also saw investments from 50 of the world’s leading operators, including  Emilie Choi, President and COO of Coinbase, and others.

Esteban Castaño, TRM’s co-founder and CEO, stated in the press release that as the crypto industry continues to grow, there is a need for digital asset-related companies to partner with blockchain intelligence firms to stay ahead of the evolving risk landscape.

He added that the latest funding will enable the firm “to continue to offer the most reliable data and most innovative technology solutions in the market to its customers.”

The latest financing marks the fourth and largest funding round TRM Labs has completed since its inception.

According to data on Crunchbase, the three previous funding including the Series A round announced in June 2021 saw TRM Labs raise a combined $19.9 million from 12 investors, such as PayPal Ventures and Blockchain Capital.

TRM Labs Solutions

Launched in 2017, TRM helps various government agencies and financial institutions investigate crypto-related fraud such as money laundering and terrorist financing by combining cross-chain data with threat intelligence and advanced analytics.

The firm analyzes various blockchain data and packages it into Statistical Analysis System (SAS) applications, helping its clients access wallets and monitor transactions across 900,000 assets on 23 different blockchains.

So far, TRM’s blockchain intelligent solution has been adopted by various popular digital financial institutions, including FTX.US and MoonPay, who use the service to meet anti-money laundering (AML) regulatory requirements.

Massive Investments in Crypto & Blockchain Startups

The latest funding further illustrates the confidence investors have in blockchain and crypto-related companies. Per a report published by CB Insights in July, crypto startups raised a whopping $4.3 billion in Q2 2021 despite the bearish market the quarter had at the time.

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