Crypto: Trm Labs Completes $70m Investment Round At $1b, Becomes Crypto...

Blockchain intelligence firm TRM Labs reached a $1 billion valuation after closing a $70 million Series C funding round backed by major financial institutions.

Blockchain intelligence platform TRM Labs completed a $70 million Series C funding round, valuing it at $1 billion, becoming the latest crypto company to reach unicorn status.

The investment round was led by seed investor Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures and Galaxy Ventures, according to a Wednesday news release.

TRM Labs seeks to equip public and private institutions with AI solutions that combat cybercrime. The company defends against illicit activities that increasingly rely on automation.

“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” wrote Esteban Castaño, co-founder and CEO of TRM Labs.

The $70 million round shows that capital is flowing into blockchain analytics platforms seeking to stop the spread of AI-fueled scams and cyberattacks, including from large traditional institutions.

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TRM is a San Francisco-headquartered company with hubs in Los Angeles, New York, Washington, London and Singapore.

It said the new capital will be used to expand its global workforce of AI researchers, data scientists, engineers and financial crime experts.

The company will also advance its AI-powered investigations to disrupt illicit activity and advance its solutions that help institutions manage financial crime risks.

Source: CoinTelegraph