Blockchain AML firm TRM Labs raises $60 million

Blockchain anti-money laundering (AML) company TRM Labs has raised $60 million in a Series B funding round.

The round was led by Tiger Global with participation from American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square), and PayPal Ventures.

TRM Labs said cryptocurrency businesses like Circle, FTX US, and MoonPay use its transaction monitoring tool to detect suspicious activity and AML regulatory requirements, and that government agencies use its forensics tools to investigate sophisticated crypto-related crime including scams, hacks, and terrorist financing

The news comes as more major traditional players in the financial services market announce investments in crypto-focused AML firms.

Mastercard agreed to buy blockchain AML start-up CipherTrace for an undisclosed amount October.

In the same month, crypto risk management firm Elliptic raised $60 million in Series C funding to help grow its business within financial markets.

"Crypto is moving faster than any sector in our lifetimes,”said Esteban Castaño, co-founder and chief executive of TRM. “Organisations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to DeFi exploits."

He added: "This round enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers."

John Curtius, partner at Tiger Global, said: "TRM is well-positioned to lead the industry as the premier blockchain intelligence solution. Customers highlight TRM's breadth of asset coverage and risk engine configurability as dramatic improvements to existing risk management frameworks.”

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