American Express, Visa, Citi, and Paypal Invest in Crypto Transaction Monitoring and Forensics Platform
TRM, a cryptocurrency transaction monitoring and forensics platform, revealed large financial institution commitments in its Series B financing round on Tuesday.
American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (previously Square Inc.), and Paypal Ventures have altogether invested $60 billion in the firm.
Tiger Global led the investment round. It also includes investments from 50 of the world’s most powerful companies, including Coinbase President and COO Emilie Choi.
TRM‘s founders and CEO, Esteban Castao, stated:
Crypto is moving faster than any sector in our lifetimes. Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to defi [decentralized finance] exploits.
TRM detailed: “In support of our mission to build a safer financial system for billions of people, we developed the first blockchain intelligence platform that combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualizations to help organizations detect crypto fraud and financial crime.”
Circle, FTX US, and Moonpay, for example, “use TRM Transaction Monitoring to detect suspicious activity and meet anti-money laundering (AML) regulatory requirements,”. The firm said, adding:
Government agencies use TRM Forensics to investigate sophisticated crypto-related crime including scams, hacks, and terrorist financing.
The TRM team comprises threat financing experts from the Federal Bureau of Investigation (FBI), the United States Secret Service, and Europol. It also comprises data scientists from firms such as Apple, Amazon, and Google.
Patrick
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