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Citi, Visa, AmEx invest in crypto-compliance platform TRM Labs

Citi, Visa, AmEx invest in crypto-compliance platform TRM Labs

Blockchain intelligence platform TRM Labs has raised $60 million in a Series B funding round joined by a host of big-name firms, including Visa, Amex Ventures, Citi Ventures, PayPal Ventures, and Block (formerly Square).

Tiger Global led the round, which was also joined by DRW Venture Capital, Jump Capital and Marshall Wace.

TRM Labs' platform combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualisations to help organisations detect crypto fraud and financial crime.

Circle, FTX US and MoonPay are among the firms that use the technology to detect suspicious activity and meet AML regulatory requirements. Government agencies also use TRM Forensics to investigate sophisticated crypto-related crime.

Since launching out of Y Combinator in 2019, TRM has grown revenue 600% year-over-year and expanded its team from four to 60.

Esteban Castaño, CEO, TRM, says: "This round enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers."

Explaining Visa's participation, Terry Angelos, global head of crypto and fintech, says that "enhancing trust and security in the crypto ecosystem through sophisticated risk assessment is key to the future of crypto, and we see TRM as a leader in the space".

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