Blockchain RegTech Startup TRM Raises $1.7M USD Led By Blockchain Capital

Blockchain, Investing, News | February 4, 2019 By:

Blockchain compliance startup TRM has raised $1.7 million in a seed financing round led by Blockchain Capital. The round also saw participation from Tapas Capital, Green D Ventures, The MBA Fund, and strategic angel investors.

TRM is a RegTech startup addressing one of the biggest challenges facing the cryptocurrency industry today: compliance. The company’s Token Relationship Management platform is designed specifically to streamline on-chain anti money laundering (AML) compliance for crypto companies, saving them time and reducing risk. It includes solutions for on-chain customer due diligence, transaction monitoring, and customer relationship management. The company claims that over 20,000 individuals have verified their ethereum address on the platform, making it “one of the largest identity networks on ethereum.”

The company said the latest funding will be used to scale its engineering talent and expand the capabilities of its platform. It will also use the funds to develop tools that use machine learning and millions of data points to automatically detect suspicious activity, such as money laundering and market manipulation.

“We believe that cryptocurrency is going to be a democratizing force in the world that lets anyone exchange value and access financial services,” said TRM CEO and co-founder Esteban Castaño. “But to get there, we need to make it easier for everyone to be compliant. Just as the Internet led to an explosion of new content, crypto is leading to an explosion of new financial products and markets. We need regulatory and compliance infrastructure that scales with this new world.”

“The TRM team is very well suited to execute on this opportunity,” said Spencer Bogart, General Partner at Blockchain Capital. “The founders of TRM, Esteban Castaño and Rahul Raina, have deep experience across enterprise software, blockchain, and product design. We think TRM can significantly accelerate crypto’s adoption by helping issuers and exchanges increase trust by being compliant on Day 1.”