TRM Labs Lands $60 Million Series B Round

The blockchain intelligence company provides tools to detect crypto fraud and financial crime. Tiger Global led the funding round.

by Macauley Peterson /

December 7, 2021 03:59 pm

Esteban Castaño (left) & Rahul Raina, Founders of TRM Labs; Source: TRM Labs

Tiger Global led a funding round with participation the venture capital arm of American Express, Visa, Citigroup, along with DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.) and PayPal Ventures.
TRM Transaction Monitoring is used by major crypto firms like FTX US, Circle and MoonPay to detect suspicious activity and comply with Anti-Money Laundering (AML) regulations

San Francisco-based TRM Labs announced today its Series B raise of $60 million. Born from the famed Y Combinator incubator program in 2019, TRM has grown its team to a headcount of 60, while revenue is up 600% year-over-year.

The company works with financial institutions, cryptocurrency-focused companies, and public sector agencies on issues of fraud and financial crime. Its toolkit includes services for monitoring and screening cryptocurrency wallets and transactions, to help companies manage risk and comply with regulations.

Newsletter

Subscribe to The Breakdown

Tiger Global, helmed by billionaire Chase Coleman, led the funding round. “TRM is well-positioned to lead the industry as the premier blockchain intelligence solution,” said Tiger Global’s John Curtius, in a statement.

Block, which recently changed its name from Square Inc., was among the participants in the Series B. Mike Brock, who leads Block’s TBD division, noted of TRM Labs’ business, that “risk and compliance is a crucial piece of the puzzle as financial institutions, blockchain-based businesses, and government entities look to bring crypto into the world of finance.”

Multiple other venture firms and prominent individual investors participated in the round. Venture capital funding came from B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital, Operator Partners. Among 50 individual investors were Emilie Choi, President and COO of Coinbase, Frank Slootman, Chairman and CEO of Snowflake along with Snowflake’s CFO Michael Scarpelli.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens