Blockchain Capital leads $1.7 million seed round for AML start-up

Venture capital firm Blockchain Capital has led a $1.7 million seed round for California-based start-up TRM Labs.

The likes of Tapas Capital, Green D Ventures, and the MBA Fund were also involved in the fundraising stage.

TRM Labs is a compliance start-up that focuses on anti-money laundering (AML) and other regulatory issues.

“We believe that cryptocurrency is going to be a democratizing force in the world that lets anyone exchange value and access financial services. But to get there, we need to make it easier for everyone to be compliant,” said TRM Labs CEO and co-founder Esteban Castaño.

He continued: “Just as the internet led to an explosion of new content, crypto is leading to an explosion of new financial products and markets. We need regulatory and compliance infrastructure that scales with this new world.”

Among their products, TRM Labs offer a “relationship management platform,” which is designed to help cryptocurrency companies navigate their AML and compliance processes.

Compliance and regulation is a big topic within the cryptocurrency space moving into 2019. US regulator the SEC has been clamping down on unregistered cryptocurrency products over the past year, and it plans to continue a purge of the space.

In the UK, the FCA is currently consulting over which regulatory frameworks cryptocurrencies will fall under. A decision is expected in June.

For more news, guides, and cryptocurrency analysis, click here.