PayPal leads, YC participates, and cryptocurrency company TRM receives $4.2 million in financing

It is understood that global payment processor PayPal has just led the $4.2 million financing of the cryptocurrency risk management platform TRM Labs.


Image source:

In a November 19 press release, TRM Labs announced a $4.2 million investment led by PayPal, and other top investors including Initialized Capital, Blockchain Capital and Y Combinator also participated in the financing.

Create solutions to prevent cryptocurrency fraud and financial crime

Founded in 2018, TRM is designed to support financial institutions in the US, Latin America, Asia and Europe by measuring, monitoring and mitigating their cryptographic exposures, meeting regulatory requirements and helping streamline anti-money laundering compliance.

Rahul Raina, CTO and co-founder of TRM Labs, said that PayPal's investment in the company indicates "as the digital payment sector continues to evolve and innovate, they are constantly working to ensure security and compliance."

TRM's new financing funds have raised a total of $5.9 million, which will enable TRM to expand its engineering and data science teams, expand into new markets and accelerate product development. Esteban Castaño, co-founder and CEO of TRM Labs, said:

“At TRM, our basic belief is that cryptocurrencies and blockchains can democratize access to financial services and empower billions of people. By creating solutions that prevent cryptocurrency fraud and financial crime, we want to achieve this. A vision and a safer financial system for billions of people."

TRM received $1.7 million in investment from Blockchain Capital in January

TRM announced at the beginning of the year that it had completed a round of financing of US$1.7 million, led by US investment company Blockchain Capital. Tapas Capital, Green D Ventures and MBA Funds participated in the survey. According to reports, some "strategic angel investors" also participated in this round of financing.

TRM background

Founded in 2018, TRM helps financial institutions measure, monitor and mitigate their cryptocurrency exposure so they can safely accept transactions, products and partnerships related to cryptocurrencies. TRM's risk management platform includes solutions for cryptocurrency KYC / AML, entity risk scoring, transaction monitoring, threat intelligence and wallet screening. Financial institutions use TRM to monitor and mitigate their direct and indirect risks to cryptocurrencies. For example, a global bank can use TRM to detect if a customer is depositing funds from a virtual currency source associated with illegal activities. Payment companies can use TRM to monitor the risk of their partnership with cryptocurrencies. Headquartered in San Francisco, California, TRM is currently recruiting in engineering, product, sales and data science.