Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square Inc.), and Paypal Ventures are among those who have invested in the latest round of funding for crypto transaction monitoring and forensics platform TRM.
TRM Platform Invested in by American Express, Visa, Citi, and Paypal
TRM, a cryptocurrency transaction monitoring and forensics platform, announced major financial institution investments in its Series B funding round on Tuesday.
American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square Inc.), and Paypal Ventures have all invested $60 billion in the company.
Tiger Global led the funding round. It also included investments from 50 of the world’s most powerful companies, including Coinbase President and COO Emilie Choi.
TRM’s cofounder and CEO, Esteban Castao, stated:
Cryptocurrency is advancing faster than any other industry in our lifetimes. Organizations require a blockchain intelligence partner who can keep up with the evolving risk landscape, which includes everything from ransomware attacks to defi [decentralized finance] exploits.
“To support our mission of building 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,” TRM explained.
Circle, FTX US, and Moonpay, for example, “use TRM Transaction Monitoring to detect suspicious activity and meet anti-money laundering (AML) regulatory requirements,” according to the company.
TRM Forensics is used by government agencies to investigate sophisticated crypto-related crimes such as scams, hacks, and terrorist financing.
Threat finance experts from the Federal Bureau of Investigation (FBI), the United States Secret Service, and Europol make up the TRM team. Data scientists from companies such as Apple, Amazon, and Google are also represented.