Blockchain intelligence platform TRM Labs has secured $14 Mln Series A funding from venture funds across the cryptocurrency and technology sectors, sending a robust signal that leading investors are backing digital-asset projects with ever-growing conviction.
The venture capital arms of PayPal, as well as Salesforce, contributed to the raise, that was led by Bessemer Venture Partners, a VC with 130 IPOs beneath its belt. the complete list of investors embodies Initialized Capital, Jump Capital, Operator Partners, Blockchain Capital & executives from Google-parent Alphabet Inc.
Ethan Kuzweil, a partner at Bessemer and new TRM members, explained his firm’s rationale for leading the investment round:
“The team at TRM Labs is building an unprecedented firm that’s getting to be critically vital in helping financial institutions safely transition to a new financial system for the digital age […] TRM will still be a robust partner to enforcement and regulators around the globe as they work to make sure that illegal actors don’t cash in of this new economic system.”
TRM helps blockchain companies, financial institutions, and even enforcement agencies investigate, detect and stop cryptocurrency-related financial crime. The importance of fraud detection within the nascent crypto industry was apparent earlier in 2019 when PayPal primarily contributed to TRM Labs with a $4.2 Mln investment round.
While crypto-assets remain a well-liked attack vector for cybercriminals, evidence suggests criminality within the world is on the decline, especially as it pertains to money laundering. Nevertheless, boosting fraud protection is taken into account paramount in bringing crypto-assets mainstream.
TRM’s mission is to “build a safer economic system for billions of individuals,” and this includes cryptocurrency, consistent with CEO & co-founder Esteban Castano.