Blockchain detective TRM Labs continues to develop new tools to support companies fighting crypto crimes, which have caused a loss of $ 3 billion this year. The improvements they have made are attracting the attention of big names providing financial services.
The extended Series B investment round was led by Thoma Bravo, a private equity firm specializing in technology. Together with its investors PayPal, American Express and Citigroup, the fund raised in the Series B investment round has reportedly been expanded to $70M.
American Express, Citi and PayPal had taken part in the previous $60 million Series B round and PayPal even participated in the Series A investment round. Other investors include important firms such as Goldman Sachs, Visa and Block. Together with previous investments, the company has received an investment of close to $ 150M.
Esteban Castaño, CEO and co-founder of TRM, announced that TRM plans to use the funds raised for research and development, in particular, “to create new tools to help law enforcement agencies fight cryptocurrency crimes.” This year, about $ 3 billion was stolen in “crypto hacks”, almost all of which were in decentralized finance.
The funds from the investment rounds will also be used to expand the team as the demand for the company’s services increases.