TRM Labs is drawing renewed investment from some big names in financial services as it seeks to create new tools to help law enforcement fight ever-growing crypto crime, which has reached $3 billion this year.
Blockchain sleuth
TRM said it expanded its series B funding round by $70 million, with previous investors PayPal, American Express and Citigroup upping their antes. The extension was led by Thoma Bravo, a private-equity firm that specializes in technology., and PayPal was in the Series A round as well. Other financial-services backers include Goldman Sachs, Visa and Block. Including earlier investments, the company has raised just under $150 million.
TRM plans to use proceeds for research and development, “specifically in creating new tools to help law enforcement fight crypto financial crime,” says Esteban Castaño, TRM’s CEO and co-founder. This year, about $3 billion has been stolen in “crypto hacks,” he adds, almost all of it in decentralized finance. That already roughly equals the 2021 total.
Funds from the current capital increase also may be used to hire marketing staff as demand for the company’s services grows. Along with governmental agencies, TRM counts stablecoin and payments provider Circle, the Uniswap cryptocurrency exchange, online retail enabler Shopify and NFT marketplace OpenSea among customers that use its blockchain intelligence to detect illicit or fraudulent financial activity and to comply with regulatory requirements.
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