TRM Labs Founded to Provide Blockchain Intelligence to Governments and Financial Institutions

Esteban Castano and Rahul Raina found TRM Labs in San Francisco, creating a blockchain intelligence platform designed to help government agencies, financial institutions, and cryptocurrency businesses detect and investigate crypto-related fraud and financial crime. The company enters a rapidly growing market for cryptocurrency surveillance technology, positioning itself to compete with established players like Chainalysis and Elliptic.

Founding Team and Background

TRM Labs is founded by entrepreneurs with backgrounds in both technology and government work. The company recruits former law enforcement officers from agencies including IRS-Criminal Investigation, FBI, U.S. Secret Service, U.S. Department of Justice, U.S. Department of the Treasury, DEA, INTERPOL, UK’s National Crime Agency, and Australian Federal Police. This blend of technical expertise and law enforcement experience allows TRM to design products specifically tailored to government investigative workflows.

Technology and Market Approach

TRM develops blockchain intelligence tools that provide forensics capabilities, tactical investigation support, compliance solutions including transaction monitoring and wallet screening, and incident response services. The platform helps law enforcement agencies, regulatory bodies, tax authorities, and financial intelligence units worldwide investigate crypto-related fraud and financial crime. TRM’s technology focuses on making blockchain data actionable for investigators who may lack deep technical expertise in cryptocurrency.

Rapid Growth Trajectory

TRM Labs experiences explosive growth, achieving 490% year-over-year revenue growth since launching in 2018. The company successfully raises substantial venture capital funding, including a $60 million Series B in December 2021 led by Tiger Global, followed by a $70 million Series B expansion in November 2022 led by Thoma Bravo, bringing total funding to $130 million. Major investors include Goldman Sachs, Visa, PayPal Ventures, and Brevan Howard.

Government Customers

TRM secures contracts with multiple federal agencies including the Internal Revenue Service, Federal Bureau of Investigation, State Department, and Drug Enforcement Administration. The company expands globally with operations across the UK, Singapore, Australia, Brazil, and the United Arab Emirates, working with law enforcement and regulatory agencies worldwide.

Significance

TRM Labs’ founding and rapid growth demonstrates the maturing and expanding market for cryptocurrency surveillance technology. By 2018, governments and financial institutions worldwide recognize blockchain analytics as essential infrastructure for extending regulatory control and law enforcement capabilities to cryptocurrency transactions. TRM’s success attracting both government contracts and substantial venture capital investment shows that cryptocurrency surveillance has become a highly lucrative business model, further entrenching systematic monitoring of blockchain transactions as a standard feature of the cryptocurrency ecosystem.