TRM, a cryptocurrency compliance and risk management platform, announced today that it has secured $4.2 million in funding from Initialized Capital, Blockchain Capital, PayPal Ventures, and Y Combinator, bringing the total raised in its seed round to $5.9 million.

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

“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people. By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people.”
– Esteban Castaño, co-founder and CEO of TRM Labs

Risk Management / TRM

The growth of cryptocurrencies is a global phenomenon and brings both opportunities and new risks to financial institutions. TRM is accelerating the safe adoption of crypto assets with its platform designed to help financial institutions monitor and mitigate these risks at scale. Compliance teams at 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. Since then, it has delivered its cryptocurrency compliance and risk management solutions to global financial institutions including major banks, brokerages, and exchanges across the US, Latin America, Asia, and Europe.

“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.”
Spencer Bogart, General Partner at Blockchain Capital



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