PayPal has joined a $4.2m (£3.26m, €3.8m) funding round for cryptocurrency risk management platform TRM Labs.
PayPal is one of a number of investors, which include Initialized Capital, Blockchain Capital and Y Combinator.
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"PayPal has been trusted by consumers for over 20 years because of its emphasis on fraud prevention and risk management," said Rahul Raina, co-founder and CTO of TRM Labs. "Their strategic investment in TRM signals their continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates.”
Founded in 2018, TRM helps financial institutions all around the world, monitor and mitigate risks associated with digital assets. The platform integrates with more than a dozen blockchains, and analyses billions of virtual asset transactions, to detect signs of fraud and financial crime in real-time
"At TRM, we are fuelled by a fundamental belief that cryptocurrency and blockchain can democratise access to financial services and empower billions of people," said Esteban Castaño, co-founder and CEO of TRM Labs. "By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people."
TRM's seed round has raised a total of $5.9 million. This new funding will be used to grow the company’s engineering and data science teams. It will also enable the company to speed up product development and expand into new markets.