TRM Labs

TRM Labs is a San Francisco-based security technology company that combines blockchain data, threat intelligence and analytics to link cryptocurrency activity to financial crime and security threats. Its platform lets users trace the source and destination of funds, identify illicit activity, build cases and assemble an operating picture of threats across multiple blockchains. The company describes its offering in four layers: proprietary attribution and threat-intelligence data spanning more than 40 categories of illicit activity; a platform combining analyst workflows with AI (including TRM Forensics and the Co-Case Agent, an AI investigator that reasons across blockchain records, threat-actor intelligence and victim reports); expert services staffed by former federal agents, prosecutors and compliance leaders, covering investigations, incident response, training and certification; and Beacon Network, a real-time crypto crime response network through which law-enforcement flags on illicit funds are relayed to virtual asset service providers so funds can be held.

Customers span the public sector (law enforcement, defense and intelligence, regulators and supervisors) and the private sector (banks, crypto exchanges and fintechs, and cyber threat intelligence teams). Named private-sector institutions include Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe and Visa. TRM also publishes research, including an annual Crypto Crime Report; its 2026 edition reported record illicit flows of $158 billion in 2025, $2.9 billion stolen in roughly 150 crypto hacks and a 500% rise in AI-enabled scam activity.

The company positions its outputs for evidentiary use, stating that traces are auditable and sourced, and that its intelligence has supported convictions, asset freezes and OFAC designations in multiple jurisdictions, including terrorism financing and dark web marketplace cases.

Founding story

Co-founders Esteban Castaño and Rahul Raina moved to San Francisco in 2018 to start a company, sharing an interest in technology and national security and a conviction that billions of people would use digital assets to move money; they concluded that the world would need intelligence to make sense of that data and manage the resulting risk. Castaño previously worked at McKinsey & Company on digital technology initiatives and at Generation on global youth employment, holds a BA in Government from Dartmouth College, and withdrew from Stanford Graduate School of Business to co-found the company.

Business model

TRM Labs sells software, data and services to institutions rather than to consumers: a blockchain intelligence and investigations platform, proprietary threat-intelligence data, and expert services including investigations, incident response, compliance advisory, training and certification. Access to the platform is via a demo/sales-led process, and the company also operates Beacon Network, a public-private notification network linking law enforcement and virtual asset service providers.

Enterprise and government software sales complemented by expert services. The company reports revenue growth averaging more than 150% annually over the five years to February 2026; an investor in the Series C separately characterized revenue growth as around 50% for the prior four years.

Traction

More than 600 government agencies and financial institutions across 75 countries are cited as users, with law enforcement and national security customers in more than 50 countries; a company executive profile cites more than 500 institutions. Revenue growth has averaged more than 150% annually over five years per the company. Case work cited includes support for the takedown of Qakbot malware with the FBI, disruption of a fentanyl vendor with Homeland Security Investigations, tracking ISIS use of cryptocurrency, work with the Massachusetts Attorney General on investment fraud victims, seizure of $12 billion of stolen Bitcoin, and cryptocurrency seizures and freezes with Operation Shamrock partners.

Latest developments

In February 2026 TRM announced a closed $70 million Series C at a $1 billion valuation, led by Blockchain Capital with returning investors CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures and Brevan Howard Digital, and new strategic investor Galaxy Ventures; proceeds are directed at AI talent, AI-enabled compliance and AI-powered investigations. It also launched TRM MCP for connecting compliance agents and the Co-Case Agent AI investigator, published its 2026 Crypto Crime Report in January 2026 reporting record illicit flows of $158 billion in 2025, and named APAC policy and compliance advisory leaders in August 2026. Ari Redbord testified before the House Financial Services Subcommittee on National Security in May 2026, and the company commented on FinCEN and OFAC's proposed rule implementing the GENIUS Act in June 2026.