Crypto Startups Are Flourishing Despite The Crypto Market Crash

97
SHARE
Ethereum, the second-largest cryptocurrency and Network that supports most of the play-to-earn games
Ethereum, the second-largest cryptocurrency and Network that supports most of the play-to-earn games

This year’s volatility in the crypto markets has seen billions of dollars wiped out of the industry. However, one startup, TRM Labs, believes there is a, increased interest in its back-end tools used by a swathe of players working across digital assets following the market’s turn. 

TRM Labs cofounder and CEO Esteban Castaño told Insider that TRM Labs grew at its fastest pace ever in the 2nd quarter. The startup has raised $80 million since launching in 2017, including a $60 million Series B last December that saw participation from the venture arms of financial giants like Citi, PayPal, and American Express. And this June, TRM Labs announced its acquisition of UK-based investigative blockchain training company CSITech. 

TRM Labs provides compliance, risk management, and anti-fraud tools to financial firms, blockchain players, and regulators alike. The startup has inked partnerships with at least one major financial firm, JPMorgan — which announced a strategic investment in TRM Labs this February — and counts Shopify and crypto-native giants like Circle and FTX as clients.