Crypto analytics firm TRM Labs has reached unicorn status following a $70 million Series C funding round led by Blockchain Capital, underscoring rising global demand for tools that help track illicit activity across digital asset markets.
The funding values TRM Labs at $1 billion and comes at a time when governments, regulators, and financial institutions are facing a sharp increase in crypto-related fraud, sanctions evasion, and other forms of illicit finance. The company announced the milestone on Wednesday, highlighting growing reliance on blockchain intelligence as crypto adoption expands worldwide.
TRM Team
Founded in 2018, TRM Labs develops software that traces transactions across multiple blockchains. Its platform helps users identify suspicious behavior, assess financial risk, and support investigations tied to digital assets. TRM’s client base includes law enforcement agencies, regulators, cryptocurrency exchanges, and financial institutions that use blockchain networks for payments and settlement.
The company said the new capital will be used to broaden its product offerings, invest further in artificial intelligence and machine learning, and expand its global workforce. TRM noted that criminals are increasingly using advanced technologies to hide illicit funds, making more sophisticated analytics essential. A particular focus will be addressing AI-enabled scams and fraud, which have emerged as a major driver of demand for blockchain intelligence tools.
“AI is one of the most important technologies of our generation, and where it’s applied matters,” said Esteban Castaño, TRM Labs’ CEO and co-founder, in a statement.
He emphasized the firm’s goal of using advanced technology to strengthen financial security rather than undermine it.
In addition to Blockchain Capital, the Series C round included participation from CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Brevan Howard Digital, Thoma Bravo, Alumni Ventures, Citi Ventures, and Galaxy Ventures.
TRM’s growing profile has been reinforced by a series of widely cited research reports examining illicit activity in crypto markets. One recent study estimated that illicit actors accounted for nearly 3% of total crypto liquidity in 2025. Another detailed how Iran’s Revolutionary Guard allegedly moved close to $1 billion through UK-registered cryptocurrency exchanges, highlighting the scale and complexity of cross-border crypto flows.
