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SAN FRANCISCO – June 17, 2021 – TRM Labs, a pioneer in blockchain intelligence, announced today that it has closed a $14 Million Series A funding round. Bessemer led the Series A with additional participation from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google. Other existing investors include Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, SGH Capital.

“The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age,” said Ethan Kurzweil, Partner at Bessemer Venture Partners, who has joined the TRM board.


TRM is accelerating the safe adoption of crypto assets with its platform designed to help financial institutions monitor and mitigate these risks at scale. Financial institutions use TRM to risk-score their cryptocurrency-related transactions, customers, or partnerships, helping them to simplify customer due diligence and meet regulatory requirements.

TRM 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.
TRM launched out of the startup accelerator Y Combinator this summer.

TRM drove 600 percent revenue growth in the last year and has doubled headcount.

“I could not be more proud of what the team at TRM has built and I am honored to have the extraordinary team at Bessemer lead our Series A,” said Esteban Castaño, co-founder and CEO of TRM Labs. “This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth. Our mission at TRM is to build a safer financial system for billions of people and we are so fortunate to have these investors onboard.”

In one year, the value of digital assets locked in DeFi smart contracts grew by a factor of 18, from $670 million to $13 billion.
The number of associated user wallets grew by a factor of 11, from 100,000 to 1.2 million. Meanwhile, more than 60 Central Banks have been exploring CBDCs on blockchain since 2014.

TRM Labs has announced in a press release made on 12th Nov that $4.2 million have been raised in an investment funding round led by PayPal Ventures along with top investors Y Combinators, Initialized Capital, and Blockchain Capital.

TRM Labs was founded in 2018 with the intention of supporting financial institutions through the US, Europe, Asia, and Latin America by monitoring, measuring, and mitigating the cryptocurrency risk exposure, meeting the regulatory specifications, and streamlining the Anti-Money Laundering compliance.

Based in San Francisco, TRM Labs has developed a token relationship management platform to automatically trace activities of money laundering and market manipulation.

The new funding will be used to grow TRM’s engineering and data science teams, expand into new markets, and accelerate product development.

Spencer Bogart, General Partner at Blockchain Capital, said that the company’s solution is desperately needed by financial institutions. “TRM provides a solution that every financial institution needs today because they are either establishing plans to directly engage with crypto or because they inevitably have customers or partnerships that are in some way exposed to cryptocurrency transactions.”

About TRM

Founded in 2018, TRM helps financial institutions to measure, monitor, and mitigate their cryptocurrency risk exposure so they can safely embrace cryptocurrency-related transactions, products, and partnerships.

Large banks are providing Bitcoin-related services, with Morgan Stanley saying it will soon offer access to three Bitcoin funds for its wealth management clients.

“The team at TRM has built the next generation in blockchain intelligence software. TRM is the trust layer necessary for cryptocurrency to realize its full potential to make financial services more affordable, convenient and secure,” said Peter Sanborn, Managing Partner at PayPal Ventures.

“TRM Labs serves as a critical piece of infrastructure to build a safe and accessible new financial system.”

About TRM

TRM provides blockchain intelligence to help financial institutions, cryptocurrency businesses and public agencies detect, investigate and manage crypto-related fraud and financial crime.

Next, strict compliance protocols will be needed, including Know Your Customer, a requirement meant to snuff out illegal activity and deception in payment networks. Also, these digital assets must follow local laws and regulations in the regions they are used.

Lastly, people will want to use these digital assets for payments, so that is one of our criteria too.
To reach our network, crypto assets will need to offer the stability people need in a vehicle for spending, not investment.

We are already working hard to provide this consumer choice for cryptocurrencies. We teamed up with Wirex and BitPay last year to create crypto cards that allow people to transact using their cryptocurrencies.
We added to those partnerships this year by joining forces with LVL, an up-and-coming cryptocurrency exchange.

DeFi protocols valued at $58.13 billion, compared to merely $1.493 billion in the previous year, which has increased by more than 37 times in less than a year. Meanwhile, more than 60 countries are actively developing their own international CBDC.

With the explosive expansion of the encryption industry and the continuous influx of new users, strengthening the detection of illegal activities will become an indispensable step on the road to the mainstream of encrypted assets in the future.

Peter Sanborn, a Managing Partner at PayPal Ventures, said that “TRM Labs serves as a critical piece of infrastructure to build a safe and accessible new financial system.”

As early as January 31, 2019, TRM Labs has raised a $1.7M seed round led by Blockchain Capital with Tapas Capital, Green D Ventures, The MBA Fund, and strategic angel investors.

Last year, we created a test platform for these banks to use these currencies in a simulated environment. Using our deep experience in payments technologies, we look forward to continuing these partnerships with governments and helping them explore the best ways to develop these new currencies.

With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful.

We are inspired by so much of the work going on in the payments world — in banking, in emergent fintechs, in crypto — to push forward change.

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.

“PayPal has been trusted by consumers for over 20 years because of its emphasis on fraud prevention and risk management,” said Rahul Raina, co-founder and CTO of TRM Labs. “Their strategic investment in TRM signals their continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates.”

Initialized Capital, early investors in Coinbase and Digit, also participated in this fundraise. “Illicit activity is an existential problem for crypto since it impacts the willingness of financial institutions, regulators, and consumers to embrace crypto,” said Garry Tan, co-founder and managing partner of Initialized.

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