The payment processor PayPal leads what is seen as a $4.2 million funding round for the cryptocurrency risk management platform TRM Labs. With this, the payment processor proves that it is active in the cryptonews and wants to back as more startups as possible.
As a November 19 press release by TRM Labs shows, the company managed to secure $4.2 million in an investment round led by PayPal with participation from other top investors, too. These include the names of Initialized Capital, Blockchain Capital and Y Combinator.
As PayPal leads the funding round, we can see that TRM was founded in 2018 and aims to support financial institutions across the United States, Latin America, Asia and Europe by measuring, monitoring as well as mitigating their cryptocurrency risk exposure. This is how the platform wants to meet the regulatory requirements and help streamline their Anti-Money Laundering compliance.
The CTO and co-founder of TRM Labs named Rahul Raina said that PayPal leads with the investment – and that this is proof that the company’s “continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates.”
The new funding by TRM also brings their total amount raised to $5.9 million and will enable the company to grow its engineering and data science teams, expand into new markets as well as increase the product development.
“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people. By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people,” said Esteban Castano, the co-founder and CEO of TRM Labs.
The blockchain news earlier showed that TRM secured $1.7 million from Blockchain Capital this January. Now that PayPal leads the way with another investment, the number is at $4.2 million and “many strategic angel investors” already participate in the rounds, reports show.
Meanwhile, updates from the market show that today’s market cap is at $222 billion, still dropping but not that strongly when compared to yesterday’s levels. Bitcoin (BTC) is still below $8,200 while Ether (ETH) is struggling to push through the $180 mark.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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