TRM Labs Inc. in collaboration with Blockchain capital has successfully raised US$1.7 million in a seed funding round. The enterprise will use funds for upscaling engineering talent and further build on platform’ s competency.
Foundations for TRM labs were laid in 2017. The enterprise develops enterprise applications, intelligent protocols and developer tools for building startups. This in turn helps startups expand their scope of blockchain- based products.
Expressing his enthusiasm on the seed funding round, Esteban Castaño, CEO and co-founder of TRM Labs, said:
“We believe that cryptocurrency is going to be a democratizing force in the world that lets anyone exchange value and access financial services. But to get there, we need to make it easier for everyone to be compliant. Just as the Internet led to an explosion of new content, crypto is leading to an explosion of new financial products and markets. We need regulatory and compliance infrastructure that scales with this new world.”
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Token Relationship Management (TRM) is the first product of TRM labs. Also, it deploys machine learning to help clients maintain sound relationships with their customers. Additionally, it helps them detect and then subsequently block suspicious activity. Furthermore, the platform has been built in a manner to work on anti-money laundering (AML) compliance for digital asset ventures.
“The founders of TRM, Esteban Castaño and Rahul Raina, have deep experience across enterprise software, blockchain, and product design,”
said Spencer Bogart, general partner at Blockchain Capital.
“We think TRM can significantly accelerate crypto’s adoption by helping issuers and exchanges increase trust by being compliant on Day 1.”
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About Blockchain Capital
Blockchain Capital invests in blockchain-related companies. It is the brainchild of Bart Stephens, Bradford Stephens and Brock Pierce.