Crypto transaction monitoring and forensics platform TRM announced on Tuesday that it has raised $60 million from leading financial institutions in its Series B funding round.
The round was led by Tiger Global with participation from American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.), PayPal Ventures, B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital, Operator Partners, Emilie Choi, President and COO of Coinbase; Frank Slootman, Chairman and CEO of Snowflake; and Michael Scarpelli, CFO of Snowflake.
The San Francisco based blockchain intelligence firm plans to use the funds to expand operations, hiring across engineering, product, sales, and data science, and its business reach.
TRM’s cofounder and CEO, Esteban Castaño, said:
“Crypto is moving faster than any sector in our lifetimes. Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to defi [decentralized finance] exploits.”
TRM further detailed on its commitment for a secure system:
“In support of our mission to build a safer financial system for billions of people, we developed the first blockchain intelligence platform that combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualizations to help organizations detect crypto fraud and financial crime.”
Founded in 2019, TRM has grown its team from 4 to 60. The team includes threat finance experts from the FBI, U.S. Secret Service and Europol and data scientists from organizations like Apple, Amazon and Google.
TRM’s monitoring system is widely used in the crypto industry. The firm said that Circle, FTX US, and Moonpay all “use TRM Transaction Monitoring to detect suspicious activity and meet anti-money laundering (AML) regulatory requirements,” and that governments make use of “TRM Forensics to investigate sophisticated crypto-related crime including scams, hacks, and terrorist financing.”
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