TRM Labs closes founding round on $1.7m

TRM Labs, a platform designed to help cryptocurrency companies better understand their users and meet compliance requirements, has raised $1.7m in funding.

The San Francisco-based company will use these new funds to scale its engineering talent and increase the capabilities of the platform.

Blockchain Capital served as the lead investor to the round, with participation also coming from Tapas Capital, Green D Ventures, The MBA Fund, and strategic angel investors.

The Token Relationship Management platform is designed to help digital asset companies to streamline AML compliance, reducing time and risks. Solutions provided cover on-chain customer due diligence, transaction monitoring, and customer relationship management.

In addition to this, TRM Labs is establishing machine learning and millions of data points to help detect any suspicious activity like money laundering or market manipulation. To date, more than 20,000 individuals have registered their Ethereum addresses on the platform.

TRM CEO and co-founder Esteban Castaño said, “We believe that cryptocurrency is going to be a democratizing force in the world that lets anyone exchange value and access financial services. But to get there, we need to make it easier for everyone to be compliant.

“Just as the Internet led to an explosion of new content, crypto is leading to an explosion of new financial products and markets. We need regulatory and compliance infrastructure that scales with this new world.”

The company recently deployed its analytics solution with the TrueUSD, a fiat-backed stable coin from TrustToken. The goal is to help TrustToken better drive growth while mitigating risks.

Last year, Blockchain Capital closed its fourth investment vehicle on its $150m hard cap. Just a month after the close, the firm participated in the $9.2m funding round of CoinList, a platform to help companies manage their token sales.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.