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TRM Labs achieves unicorn valuation following $70 million funding round with involvement from Goldman Sachs.
The company’s software focuses on tracking cryptocurrency transactions across various blockchains, addressing the growing demand from law enforcement and financial institutions in response to increasing crypto-related crime.
(Juliana Araujo the artist/Unsplash/Modified by CoinDesk)
What to know:
- TRM Labs secured $70 million in a Series C funding round, achieving a valuation of $1 billion, with contributions from Blockchain Capital, Goldman Sachs, and others, raising the total funding to $220 million.
- The company’s software is designed to trace cryptocurrency transactions across various blockchains, responding to a growing demand from law enforcement and financial institutions due to the rise in crypto-related crime.
- TRM has established collaborations with Tron and Tether to tackle illicit activities, forming the T3 Financial Crime Unit task force that has successfully frozen more than $300 million in compromised assets.
TRM Labs, a blockchain analytics firm utilized by international law enforcement and financial organizations, has raised $70 million in a recent funding round that elevated its valuation to $1 billion.
The Series C round, as reported by Fortune, was spearheaded by Blockchain Capital with participation from Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo, and Brevan Howard. According to data from TheTie, the firm had previously raised nearly $150 million, including an additional $70 million fundraising effort in 2023, along with smaller rounds. This brings the total raised to $220 million.
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The firm’s software aids in tracking cryptocurrency transactions across different blockchains, a service that is increasingly sought after as crypto crime becomes more intricate.
TRM counts several prominent government agencies, including the IRS and FBI, as its clients, along with major banking institutions. It was an early adopter in monitoring not only bitcoin but also various other cryptocurrencies, a strategy that distinguished it from competitors. This advantage has grown in significance as criminal organizations broaden their usage of tokens and platforms.
TRM’s global investigations team comprises former federal agents, including veterans involved in high-profile cases, such as the dismantling of dark web marketplaces.
The company anticipates future growth, considering the escalating sophistication of threats within the cryptocurrency environment. According to Ari Redbord, TRM’s global head of policy, the firm experienced a 500% increase in “AI-enabled use in scams and fraud.”
TRM has also allied with leading blockchain initiatives like Tron and Tether to enhance its intelligence capabilities. This collaboration led to the creation of the T3 Financial Crime Unit task force, which has frozen upwards of $300 million in compromised assets.
