TRM Labs, a San Francisco-based RegTech start-up focusing on blockchain solutions, has raised $1.7 million in seed funding from a consortium of investors led by specialist venture capital firm Blockchain Capital and including Tapas Capital, Green D Ventures, The MBA Fund and other angel investors. TRM will use the funds to scale its engineering talent and expand the capabilities of its platform.
TRM’s RegTech solution is the first offering in its Token Relationship Management platform, designed specifically to streamline on-chain AML compliance for digital asset companies. The TRM platform includes solutions for on-chain customer due diligence, transaction monitoring, and customer relationship management. TRM is also building tools that use machine learning and millions of data points to automatically detect suspicious activity like money laundering and market manipulation. Over 20,000 individuals have verified their Ethereum address on TRM’s platform, making it one of the largest identity networks on Ethereum.
TRM recently rolled out its analytics solution globally with TrustToken’s TrueUSD, one of the largest fiat-backed stablecoins, to help TrustToken better drive growth and mitigate risks. TrustToken is using TRM to accurately segment core user groups and identify which exchanges and channels are driving growth.