Blockchain risk management startup TRM Labs today announced it has raised $60 million in new funding led by Tiger Global to support its mission to combat cryptocurrency fraud and financial crime.

The Series B funding round also saw participation from a number of investors, among them credit card and payment processing companies including Visa Inc., American Express’s Amex Ventures, Citi Ventures, Block (formerly Square Inc.) and PayPal Ventures.

TRM Labs provides sophisticated analytics systems to financial operations that allow them to track blockchain-based assets such as cryptocurrencies to mitigate risk and comply with regulations. To do this, TRM supports more than 90,000 digital assets across 23 blockchains, including nonfungible tokens, which can represent the ownership of digital artwork, digital collectibles, virtual game items and more.

“Crypto is moving faster than any sector in our lifetimes,” said Esteban Castaño, co-founder and chief executive of TRM. “Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to decentralized finance exploits.”

Customers of TRM include cryptocurrency exchanges such as Circle and FTX US, which use TRM Transaction Monitoring, a service that allows companies to quickly detect suspicious transactions and stay in line with anti-money-laundering regulations. As for government agencies, TRM also provides a forensics investigation product that allows for deep tracking of transactions related to scams, hacks and terrorist financing.

Since TRM’s launch from Y Combinator in 2019, its team has expanded from four people to 60. According to the company, its expertise includes experts from the FBI, the U.S. Secret Service and Europol, plus data scientists from Apple Inc., Amazon.com Inc. and Google LLC.

The company also boasts that it has seen its revenue increase more than 600% year-over-year since its launch, though it didn’t provide absolute numbers.

According to DeFiPulse.com, a website that tracks the decentralized finance industry and its underlying crypto assets and blockchains, the underlying value of the entire market exceeded $111 billion in November – a significant jump from $30 billion in January. Most of this market occurs through transactions that are outside the purview of financial institutions but when they interact with crypto assets, they become responsible for their customers and their activities, thus the need for services such as TRM’s products.

The increasing interest in blockchain assets and cryptocurrency during 2021 has led to a lot of capital going into crypto companies, including exchanges and NFT marketplaces. To keep up with consumer interest in crypto, credit card companies and payment processors have begun to offer crypto payments as well. One prominent example is PayPal’s crypto service.

Crypto security companies have been pulling in a lot of venture capital including Chainalysis, which raised $100 million at a $4.2 billion valuation in June. Elliptic, a company used by the exchange and wallet Coinbase, raised $60 million in October. And CipherTrace, which also supplies similar anti-money laundering and tracing technology, raised $27 million before it was acquired by MasterCard.

Image: geralt/Pixabay