According to the latest reports, TRM Labs has announced that it has carried out a successful funding round. The intelligence platform for blockchains has revealed that it was the first (Series A) funding round it has carried out.
The firm received huge support from different ventures and investors from both the crypto and non-crypto sectors. The non-crypto sectors that participated in the funding round are technology-oriented. These firms have started paying a lot of attention to the crypto-blockchain industry since the start of 2020.
TRM Labs has confirmed that it has managed to generate $14 million from the particular funding round. This goes to show how much interest are crypto and non-crypto firms are taking in new and innovative projects in the crypto-space.
The success of the funding rounds goes to show how fast and big the cryptocurrency and blockchain sector is growing. It is constantly paving paths for new endeavors and destinations towards more success and adoption.
According to TRM Labs, it has also received support and investment from some of the biggest names in the technology world. The firm has revealed that the venture capital arms of Salesforce and PayPal also contributed to the latest funding round.
The particular funding round was led by Bessemer Venture Partners. It is a venture capital firm that has contributed with 130 initial public offerings (IPOs) throughout its tenure.
Other firms that contributed in the funding round were Blockchain Capital, Operator Partners, Jump Capital, Initialized Capital, and Alphabet Inc.’s executives.
One of the partners at Bessemer Venture, Ethan Kuzweil talked about the motive behind funding TRM Labs. He stated that TRM Labs has a lot of potential of playing a key role in the adoption of digital financial systems.
TRM Labs would eventually build a company that would be extraordinary and would help major financial institutions easily shift from traditional financial systems to digital financial systems.
TRM Labs has always proven to be adherent to the regulatory policies and it would ensure that it continues doing the same in future. It would continue collaborating with regulators and law enforcement authorities to keep the digital sector on the right track.
This would inject a lot of confidence and trust among the traditional financial institutions inconveniently moving to the digital finance sector and benefit from it. Ethan Kuzweil has also been inducted as a board member at TRM Labs.
TRM Labs is prominently known for offering support to financial institutions and blockchain companies. The firm even supports law enforcement authorities in the detection, investigation, and then prevention of financial crimes that are related to cryptocurrencies.
TRM Labs has been playing a huge role in supporting law enforcement authorities in keeping tabs on frauds and scams in the crypto-space.