TRM Labs

What TRM Labs does

TRM Labs, founded in 2018 and headquartered at 450 Townsend Street in San Francisco, is a blockchain intelligence platform purpose-built to detect, trace, and disrupt cryptocurrency-enabled financial crime. The company serves more than 600 government agencies and financial institutions across 75 countries, organized around seven core customer segments: law enforcement, defense and national security, regulators, banks and financial institutions, crypto exchanges and fintechs, cybersecurity/critical infrastructure, and prosecutors. Customers use TRM to investigate pig-butchering scams, ransomware, darknet market activity, sanctions evasion by nation-state actors, terrorist financing, and money laundering — problems that require cross-chain tracing, evidentiary-grade forensic outputs, and coordination across financial institutions and law-enforcement jurisdictions.

The platform is anchored by TRM Forensics for transaction tracing and network analysis, supplemented by TRM Triage for case prioritization, Transaction Monitoring, Wallet Screening, Entity Due Diligence, and Real-Time Supervision modules. The proprietary Threat Graph maps more than 50 categories of illicit activity across 184+ blockchains with petabyte-scale data processing (approximately 1 exabyte processed annually across 55+ supported chains in the 2025 data products). AI capabilities are delivered through two named agents — Agent powered by Orion and the Co-Case Agent — which reason across blockchain records, threat-actor intelligence, and victim reports to cluster criminal syndicates, build freeze packages, and triage tipline leads in natural language. The Beacon Network public-private partnership connects 70+ financial institutions covering an estimated 75% of global crypto volume with law-enforcement flaggers across 21+ countries for real-time illicit-fund coordination, while Chainabuse (wholly-owned) supplies the world's largest database of user-reported illicit crypto activity with nearly 700,000 victim reports. The BLOCKINT API exposes these capabilities for embedded integration, and partnerships with Hypernative, Finray, MultiHopper, Zepz, and Stablecore extend reach into pre-transaction enforcement, EU MiCA compliance, Solana-based privacy routing, stablecoin remittances, and US bank core processors.

TRM operates a private, venture-backed enterprise SaaS model with annual subscription contracts sold primarily through direct field sales to government and financial institution buyers. The company monetizes through platform subscriptions (Forensics, Triage, Transaction Monitoring, Wallet Screening, Entity Screening, AI agents), professional services via the TRM Academy certification programs (Certified Investigator, Crypto Compliance Specialist, Crypto Seizure Specialist, Crypto Tax Specialist, and others), and intelligence/data products such as the annual Crypto Crime Report. Pricing is not publicly disclosed. The company has raised approximately $220 million across a $14M Series A (June 2021), $60M Series B (December 2021) plus a $70M Series B expansion (November 2022), and a $70M Series C (February 2026) at a $1B post-money valuation led by Blockchain Capital with participation from Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo, Brevan Howard, Galaxy, and DRW Venture Capital. The company operates independently with no parent entity and reports approximately 350 employees as of early 2026.

Name

TRM Labs

Legal name

TRM Labs, Inc.

Website

https://trmlabs.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

TRM Labs is a blockchain intelligence platform serving 600+ government agencies and financial institutions across 75 countries. It provides AI-powered tools for tracing illicit cryptocurrency transactions across 184+ blockchains and coordinates real-time fund freezes through its Beacon Network.

Ownership category

akta.pro rank

Product category

Blockchain Intelligence Software

NAICS

Investigation and Security Services (5616), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199), Services-Detective, Guard & Armored Car Services (7381)

akta.pro primary industry

Blockchain Analytics & Transaction Monitoring (FSADALAB)

akta.pro secondary industries

Market Surveillance & Trade Monitoring (Crypto) (FSADALAG), Wallet Risk Scoring, Address Screening & Exposure Checks (FSADALAD), Sanctions Screening & Watchlist/PEP Screening (Crypto) (FSADALAC), Fraud Detection, Scam Prevention & Account Takeover (Crypto) (FSADALAF), Regulatory Reporting, Tax & Audit Trails (reconciliation, provenance) (FSAPAJAI)

Keywords

• Blockchain intelligence
• Crypto compliance software
• Transaction monitoring
• Crypto forensics
• Sanctions screening

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations

Revenue model

1. SaaS Platform Subscription: Subscription-based access to blockchain intelligence platform including TRM Forensics, Transaction Monitoring, Wallet Screening, Entity Screening, and AI agents. Software sold as annual subscription to government agencies, financial institutions, and crypto businesses.
2. Professional Services: Training services through TRM Academy including certifications (Certified Investigator, Advanced Crypto Investigator, Crypto Compliance Specialist, Digital Forensics and Cryptocurrencies, Crypto Seizure Specialist, Crypto Tax Specialist). Also includes incident response and customer success services.
3. Intelligence Reports and Data Products: Annual crypto crime reports, global adoption indexes, and specialized threat intelligence products published and available for purchase

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

TRM Labs operates a blockchain intelligence platform that provides software, AI investigative agents, and proprietary data to detect and disrupt crypto-enabled financial crime. Its offerings cover cross-chain transaction tracing, sanctions and wallet screening, transaction monitoring, entity due diligence, real-time supervision, and coordinated fund freezing through the Beacon Network. Customers include law enforcement agencies, financial institutions, regulators, and crypto businesses across 75 countries.

Product overview

TRM Labs is a blockchain intelligence platform company offering a unified platform-plus-modules architecture. The core platform consists of TRM Forensics (transaction tracing), TRM Triage (case prioritization), and specialized modules including Transaction Monitoring, Wallet Screening, Entity Due Diligence, and Real-Time Supervision. The solution packages (Compliance360, Investigation360, Seizure360, NatSec360, Supervision360) combine these modules for specific use cases. AI capabilities are delivered through Agent (powered by Orion) and Co-Case Agent embedded in the forensics platform. The Beacon Network provides a public-private partnership for real-time fund freezing, while Chainabuse offers a victim reporting database. API access is provided through BLOCKINT API, and professional services include training (TRM Academy), incident response, and customer success programs.

Differentiator

Problem solved

Functional benefit

Brands

• Co-Case Agent: An AI investigative assistant embedded in the TRM Forensics platform, designed to help crypto crime and compliance investigators trace fund flows, run graph audits, suggest next steps, and maintain immutable audit logs using natural language prompts.
• Orion
• Chainabuse
• Beacon Network
• TRM Academy
• TRM Forensics
• BLOCKINT API

Products and services

• TRM Forensics Software platform that traces the source and destination of cryptocurrency transactions across blockchains with cross-chain tracing, network analysis, and evidentiary-grade outputs used by law enforcement and investigators to build court-admissible cases.
• TRM Triage Initial assessment and prioritization tool for incoming alerts and cases, enabling rapid identification of high-impact incidents in crypto investigations and compliance workflows.
• Transaction Monitoring Real-time monitoring of blockchain transactions to detect suspicious activity and support AML/CFT compliance for crypto businesses, fintechs, and financial institutions.
• Wallet Screening Screens wallet addresses against sanctions lists, known threat actors, and illicit activity databases before and during transactions to identify high-risk wallet exposure.
• Entity Due Diligence Enhanced due diligence capabilities for evaluating the legal, operational, and financial integrity of cryptocurrency entities and counterparties before engagement.
• Know-Your-Asset Asset-level verification and risk assessment for digital assets and stablecoins used by banks, fintechs, and crypto businesses to comply with token-specific risk requirements.
• Real-Time Supervision Supervision tool enabling financial regulators to monitor licensed virtual asset service providers, surface emerging threats, and oversee systemic risk across the financial system.
• Deconflict Case deconfliction tool that prevents duplicate investigations and enables coordination across law enforcement agencies working on overlapping crypto cases.
• BLOCKINT API Developer API providing programmatic access to TRM's blockchain intelligence data for automated screening, risk scoring, and policy enforcement across 75+ blockchains.
• Beacon Network Public-private coordination network connecting 70+ financial institutions covering 75% of global crypto volume with law enforcement to flag and freeze illicit funds in real time.
• Chainabuse

Quantifiable outcome

• Over $450 million in illicit USDT frozen through T3 Financial Crime Unit partnership with Tether and Tron since September 2024
• +7 more outcomes

Named customers13 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability8 records

Feature9 records

Partnerships

14 partnerships are on record, tiered flagship and core.

• MultiHopperflagshipTechnology or Integration · 26 June 2026Strategic partnership integrating TRM Labs' blockchain intelligence into MultiHopper's programmable privacy routing protocol for digital asset transfers. Enables real-time screening against OFAC-sanctioned, stolen, and illicit funds. Integration live on Solana, positioning MultiHopper as compliance-gated alternative to legacy privacy systems like mixers and tumblers.
• United for Wildlife (Royal Foundation)coreStrategic or Co-development Partner · 22 June 2026Pledged alongside Google, Meta, TikTok, Alibaba, PayPal, Chainalysis, and Luno to combat illegal wildlife trade at Prince William's forum during London Climate Action Week. Companies committed to disrupt financial flows supporting trafficking through blockchain tracking and digital forensics.
• US Immigration and Customs Enforcement (ICE)flagshipImplementation/ SI/ Consulting Partner · 10 June 2026Planned sole-source contract worth $50 million to $100 million for analytical support services supporting Homeland Security Task Force's National Coordination Center Cyber Disruption Center. Will support cyber-enabled fraud and ransomware disruption missions including cryptocurrency transaction tracing, blockchain analytics, open-source intelligence, asset recovery, and criminal network mapping.
• South Korea National Tax Service (NTS)coreImplementation/ SI/ Consulting Partner · 21 April 2026NTS acquiring blockchain analysis software from Chainalysis and TRM Labs to track non-custodial cryptocurrency wallets for suspected tax evasion. Published bid on South Korea's Public Procurement Service platform. Technology enables forensic examination of transaction histories, detection of mixer and tumbler services.
• Singapore Police ForcecoreImplementation/ SI/ Consulting Partner · 15 April 2026Six-week blockchain analysis operation (April-May 2026) blocked over $4.2 million in potential cryptocurrency scam losses. Anti-Scam Centre and Cyber Investigation Branch partnered with seven cryptocurrency exchanges using Chainalysis and TRM Labs analytical tools, reaching 145+ victims. Second joint public-private operation following earlier campaign that protected $2.86 million.
• UK National Crime Agency (NCA)coreImplementation/ SI/ Consulting Partner · 15 April 2026Led Operation Atlantic, weeklong international law enforcement operation targeting cryptocurrency approval phishing scams. Co-hosted with US Secret Service, Ontario Provincial Police, and Ontario Securities Commission. Froze over $12 million, identified 20,000+ victims, and located $45 million in cryptocurrency fraud schemes globally. TRM provided blockchain analytics, on-chain tracing, and intelligence packages.
• StablecorecoreTechnology or Integration · 9 April 2026Partnership bringing stablecoin and digital asset compliance to US banks and credit unions by integrating TRM's compliance and blockchain intelligence tools into Stablecore's digital asset core infrastructure. Targets over 8,500 banks and credit unions in the United States amid increasing regulatory clarity from GENIUS Act and OCC, FDIC, Federal Reserve Board, and SEC updates.
• HypernativecoreTechnology or Integration · 1 April 2026Strategic partnership delivering pre-transaction enforcement and on-chain security for Web3 institutions. Combines Hypernative's real-time threat detection with TRM's blockchain intelligence and risk scoring API. Enables automatic screening, evaluation, and blocking of malicious transactions before execution across 75+ blockchains.
• Zepz (WorldRemit/Sendwave)coreTechnology or Integration · 27 March 2026Strategic partnership integrating TRM Labs' compliance and risk management tools into Zepz's stablecoin-based Sendwave Wallet for migrant communities. Enables real-time transaction monitoring, sanctions risk management, and fraud detection for $17 billion in transfers across 130+ countries. Sendwave Wallet launched on Solana in October 2025.
• Finray TechnologiescoreTechnology or Integration · 24 February 2026Partnership integrating TRM's blockchain intelligence into Finray's XZiel unified compliance engine for real-time crypto transaction monitoring across both fiat and digital-asset payment workflows. Addresses EU MiCA regulation and ESMA supervisory guidance requirements for unified crypto-fiat compliance monitoring. Deployment achievable within days for existing TRM customers.
• T3 Financial Crime Unit (Tether, Tron, TRM Labs)coreStrategic or Co-development Partner · 1 September 2024Joint initiative between Tether, Tron, and TRM Labs to target criminal activity involving Tether's USDT stablecoin on the Tron blockchain. Focused on funds tied to drug trafficking, exchange hacks, North Korea-linked activity, and terrorist financing. Has frozen more than $450 million in USDT linked to criminal activity since launch, working with law enforcement across 23 jurisdictions.
• Operation ShamrockcoreStrategic or Co-development Partner · 1 January 2023Groundbreaking public-private collaboration focused on educating public, mobilizing resources, and disrupting cryptocurrency fraud. TRM Labs serves as official reporting partner for Chainabuse victim reports. Connects victims with expert investigators at law enforcement agencies. Led by Prosecutor Erin West.
• CoinbasecoreTechnology or Integration · 1 January 2021Collaboration on cryptocurrency fraud investigations including joint operations with Singapore Police Force. Coinbase has independently frozen over $3 million in crypto assets linked to criminal networks during DOJ operations.
• REACT Task Force (Regional Enforcement Allied Computer Team)coreImplementation/ SI/ Consulting Partner · 1 January 2019High-tech investigative force based in Santa Clara, California focused on crypto-facilitated crimes including pig butchering. Co-founded by Deputy District Attorney Erin West. TRM Labs provides blockchain intelligence and training support for multi-jurisdictional investigations.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Chainalysis: The largest direct competitor, offering blockchain analytics, investigation, and compliance tools to law enforcement, regulators, and financial institutions. Closely comparable product portfolio (Forensics, KYT, Reactor), customer base, and contract wins across federal agencies worldwide.
• Elliptic: Blockchain analytics provider focused on AML compliance, wallet screening, and investigations for crypto businesses and financial institutions. Overlapping capabilities in transaction monitoring and sanctions screening make it a direct competitor to TRM's compliance suite.
• Merkle Science: Blockchain intelligence and compliance platform serving crypto businesses, regulators, and law enforcement with transaction monitoring, wallet screening, and forensics capabilities — directly comparable to TRM's compliance and investigation offerings.
• CipherTrace (Mastercard): Acquired by Mastercard, CipherTrace provides cryptocurrency intelligence, AML, and transaction monitoring for VASPs and banks. Overlaps with TRM on crypto AML, wallet attribution, and compliance reporting for institutional clients.
• Crystal Blockchain: Blockchain analytics platform offering investigation, AML compliance, and transaction monitoring, with notable presence among European law enforcement and VASPs. Competes with TRM in the same product categories.
• Scorechain: Luxembourg-based blockchain analytics firm offering AML/KYT, wallet risk scoring, and forensic investigation tools to VASPs and financial institutions — comparable to TRM Wallet Screening, Entity Due Diligence, and Transaction Monitoring.

Emerging players

• Blocktrace: Smaller blockchain intelligence and forensic firm focused on law enforcement training and case support. Targets a narrower subset of TRM's customer base (primarily US agencies) with a more boutique investigative offering.
• Nansen: On-chain analytics platform with deep wallet labeling and entity clustering across major blockchains. Partial overlap with TRM on attribution and clustering, though Nansen is more oriented toward trading/investor intelligence than law enforcement compliance.
• Sardine: Fraud and AML platform for fintechs and crypto on-ramps combining device, identity, and blockchain signals. Adjacent to TRM's compliance stack with focus on real-time fraud prevention for crypto payments and exchanges.

Broad incumbents

• Sumsub: Broader identity verification, KYC/AML, and fraud prevention vendor serving fintechs and crypto platforms. Less specialized in blockchain forensics than TRM but overlaps on compliance workflows and crypto exchange onboarding.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/trmlabs
• YouTubeyoutube.com/channel/UCqOX1LUuowyfmQS1Pqhdhfw?sub_confirmation=1
• LinkedInlinkedin.com/company/trmlabs
• Facebookfacebook.com/trmlabs

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds10 records

Investors37 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TRM Labs