TRM Labs Raises $4.2 Million in Funding Led by PayPal
TRM, the first crypto compliance & risk management platform, raises $4.2 million in funding.
TRM Labs announced that it secured $4.2 million in an investment led by PayPal, also including Initialized Capital, Blockchain Capital and Y Combinator. The total amount of the raised funds reaches to $5.9 million now.
TRM was founded in 2018 & is intended to support financial institutions in the US, Latin America, Europe as well as Asia. It measures, monitors & mitigates cryptocurrency risk exposure of the financial institutions, helps them meet regulatory requirements, as well as simplify the Anti-Money Laundering compliance.
The CTO & co-founder at TRM Labs Rahul Raina mentioned that the investment made by a giant such as PayPal shows “their continued commitment to ensuring safety & compliance as the digital payments landscape evolves and innovates.”
Co-founder & CEO at TRM Labs Esteban Castaño noted that at TRM they believe crypto and blockchain will democratize access to financial services, providing a great number of people a vast range of possibilities.
As reported, the new investment funds will be utilized to increase engineering & data science teams of TRM, expand into new markets, and accelerate product development.