Cryptocurrency risk management platform TRM Labs announced today that it had raised $4.2 million from investors, including PayPal Ventures, Initialized Capital, Blockchain Capital, and Y Combinator. This new influx of investment will bring TRM’s total amount raised to $5.9 million.

Founded in 2018, TRM helps global financial institutions monitor and mitigate risks associated with crypto assets. The goal is to simplify the due diligence process for its clients and ensure that they meet regulatory requirements for preventing cryptocurrency fraud and financial crime.

“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people,” said Esteban Castaño, co-founder and CEO of TRM Labs. “By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people.”

The new funding, according to TRM’s press release, will be used to grow TRM’s engineering and data science teams. It will also enable the company to speed up product development and expand into new markets.

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