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TRM Labs

Blockchain analytics for financial crime

Overview

TRM Labs provides blockchain intelligence tools for financial institutions, crypto businesses, and government agencies to detect and investigate crypto-related financial crime and fraud. It analyzes blockchain activity using data engineering, data science, and threat intelligence to surface risk signals, enable investigations, and support compliance workflows. Its products combine on-chain and off-chain data, risk scoring, and case management through subscription services and customized solutions. Compared to others, TRM Labs serves a diverse client base (banks, exchanges, regulators) and emphasizes end-to-end investigative capabilities and tailored risk insights rather than generic analytics. The company’s goal is to improve the security and integrity of the global financial system by reducing illicit activity in the crypto space.

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About TRM Labs

Simplify's Rating
Why TRM Labs is rated
C+
Rated B on Competitive Edge
Rated B on Growth Potential
Rated D+ on Differentiation

Industries

Data & AnalyticsCybersecurityCrypto & Web3Financial Services

Company Size

201-500

Company Stage

Series C

Total Funding

$220M

Headquarters

San Francisco, CA

Founded

2018

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What believers are saying

  • Ardence launched October 13, 2026 with 60+ partners and faster case workflows.
  • September 2026 financing lifted TRM to $2 billion and over $100 million ARR.
  • August 2026 APAC hires, including Ziqing Ang, expand policy access across Asia-Pacific.

What critics are saying

  • Chainalysis's ICE lawsuit threatens TRM's $94.6 million federal contract and procurement credibility.
  • Ardence's November 2026 AI launch must prove adoption or investors will punish expansion.
  • A court reversal on ICE would undermine TRM's government moat and premium valuation.

What makes TRM Labs unique

  • October 13, 2026 Ardence fuses blockchain, cyber, identity, and off-chain intelligence.
  • TRM serves 600+ agencies and institutions across 75 countries, giving global enforcement reach.
  • Beacon Network and Project Pangolin turn investigations into active asset-freeze and disruption workflows.

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Funding

Total Funding

$220M

Above

Industry Average

Funded Over

7 Rounds

Series C funding is usually for startups that are doing well and are looking for more money to fuel major growth, such as acquiring other companies, expanding into global markets, or launching new product lines. Investors typically include larger venture capital firms and private equity.
Series C Funding Comparison
Above Average

Industry standards

$50M
$50M
$62M
$70M
$100M

Benefits

  • Remote Work Options
  • Annual Company Offsite
  • Professional Development Budget

Growth & Insights and Company News

6 month growth

0%

1 year growth

0%

2 year growth

0%
Blockchain Capital
Oct 27th, 2026
Predicate: if institutions are coming onchain, this is how.

Predicate: if institutions are coming onchain, this is how. co-authored with · 10.27.2026 For more than a decade, institutional adoption of blockchain technology has been held back first by skepticism and later by regulatory uncertainty. That is beginning to change. Blockchain infrastructure has matured, stablecoins and tokenized assets have demonstrated clear utility, and frameworks such as the GENIUS Act are generally giving companies a clearer path to build regulated financial products onchain. These requirements can include sanctions and AML screening, identity and accreditation checks, collateral eligibility rules, and real-time responses to hacks and exploits. Translating them into software is difficult. It requires teams to combine deep compliance knowledge with sophisticated blockchain engineering, integrate data from multiple risk and identity providers, and continually update their systems as regulations, products, and threats evolve. For most companies, building and maintaining this infrastructure internally is impractical. This is where Predicate comes in. Predicate provides an end-to-end control platform for onchain financial products, tokenized assets, and institutional participants. It allows companies to translate legal, compliance, security, and commercial requirements into programmable policies that can be enforced automatically and in real time at either the application or token-contract level. Put differently, Predicate allows companies to retain the benefits of operating on public blockchains without giving up the controls required to operate in regulated markets. By abstracting this complexity away, Predicate helps customers launch products, onboard users and capital, and expand distribution without building a dedicated compliance and blockchain engineering function themselves. In practice, an earn product or vault can use Predicate to potentially verify whether a depositor is eligible and whether incoming assets meet its risk requirements before accepting a transaction. A stablecoin issuer can automatically freeze, pause, or restrict sanctioned, illicit, or exploit-linked addresses. Predicate integrates the necessary identity, blockchain-risk, and cybersecurity data, and also offers managed services for enterprise customers, handling the manual reviews, escalations, and reporting that cannot be fully automated. The result is an end-to-end system for designing, enforcing, and operating digital asset controls at scale as regulations, products, and risk conditions change. We believe this infrastructure will become increasingly important as more financial activity moves onchain. No stablecoin issuer, asset manager, fintech, or application should need to build bespoke controls from scratch. These capabilities should exist as shared infrastructure that can adapt across products and jurisdictions while operating continuously. Predicate is already becoming that infrastructure for certain customers across stablecoins, tokenized assets, vaults, and other financial products. It powers real-time controls for MetaMask USD, serves as the default compliance layer for M0 Extensions, supports Plume as it brings institutional financial products onchain, and works with Paxos Labs, another Blockchain Capital portfolio company, across its onchain financial products. Predicate also integrates with risk and security providers, including TRM Labs and Blockaid, allowing their data to be incorporated directly into customer policies. We were initially drawn to Predicate because its founders, CEO Nikhil Raghuveera and CTO Jesse Sawa, have the rare combination of skills required to build this company. Before Predicate, Nikhil worked at Cornerstone Research and BCG, then became Head of Strategy and Innovation at the Celo Foundation, where he helped lead partnerships and product launches at the intersection of traditional and decentralized finance. He is also a Senior Fellow at the Atlantic Council and regularly engages with lawmakers and regulators on digital asset policy. Jesse began his career as a software engineer at JPMorgan, but had already been deep in crypto for years, running Ethereum mining farms and even building a CryptoKitties alternative. He later worked on crypto and compliance infrastructure at Ponto and cLabs, giving him firsthand knowledge of both the technical challenges of enforcing controls onchain and the operational requirements of financial institutions. Nikhil and Jesse met at Celo and founded Predicate around a shared belief that compliance and risk controls should be built directly into onchain financial infrastructure rather than added after the fact. Since then, we have been impressed by the team's clarity, pace of execution, and ability to earn the trust of companies operating in highly technical and regulated markets. We are thrilled to lead Predicate's $8 million Series A. As regulated financial activity moves onchain, the infrastructure controlling how products and assets can be used will become essential. We believe Predicate has the potential to become the standard control layer for this new financial system. The content provided herein may include information regarding past and/or present portfolio companies or investments managed by Blockchain Capital or its affiliates and are provided for illustrative purposes only. The views expressed in each blog post are the personal views of each author and do not necessarily reflect the views of Blockchain Capital and its affiliates. Neither Blockchain Capital nor the author guarantees the accuracy, adequacy or completeness of information provided in each blog post. No representation or warranty, express or implied, is made or given by or on behalf of Blockchain Capital, the author or any other person as to the accuracy and completeness or fairness of the information contained in any blog post and no responsibility or liability is accepted for any such information. Nothing contained in each blog post constitutes investment, regulatory, legal, compliance or tax or other advice nor is it to be relied on in making an investment decision. Blog posts should not be viewed as current or past recommendations or solicitations of an offer to buy or sell any securities or to adopt any investment strategy. The blog posts may contain projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither Blockchain Capital nor the author assumes any duty to update such statements except as required by law. To the extent that any documents, presentations or other materials produced, published or otherwise distributed by Blockchain Capital are referenced in any blog post, such materials should be read with careful attention to any disclaimers provided therein.

BitPinas
Oct 21st, 2026
Token2049: how TRM Labs tracks crypto scams, fake merchant qrs, and stolen funds in Southeast Asia.

Token2049: how TRM Labs tracks crypto scams, fake merchant qrs, and stolen funds in Southeast Asia. Weekly crypto roundup. At major crypto conferences like Token2049, the floor is usually dominated by talk of bull markets, high-yield protocols, and token launches. But behind the scenes, blockchain intelligence firms are locked in a high-stakes, real-time battle against cybercriminals, state-sponsored hack groups, and regional scam cartels. In an interview during Token2049, Jonno Newman, APAC Head of Deployment Strategy at TRM Labs, sat down with BitPinas to unpack how the blockchain forensics firm collaborates with regional law enforcement, intercepts stolen crypto, and adapts to the rapid evolution of crypto fraud across Southeast Asia and the Philippines. Table of contents. From massive scam compounds to decentralized AI hubs. Across Southeast Asia, organized cybercrime has long operated through massive physical scam compounds, which are facilities historically fueled by forced labor and human trafficking. However, according to Newman, the rapid rise of artificial intelligence is fundamentally changing how these syndicates operate. "Scam compounds in particular are a massive priority for us at the moment, and we're investing a lot of money there," Newman explained. "Instead of just tracing the blockchain funds, we look at the supply chain: Where are they getting internet from? How are they accessing other resources, and how are they actually operating?" While scam compounds previously relied on large human workforces to run manual "pig-butchering" scams, perpetrators are now deploying AI agents and automated chatbots to eliminate language barriers and scale operations. (Read More: [Coinfest Asia] TRM Labs APAC Compliance Lead Claudia Hui Explains Crypto Risk Blind Spots for Traditional Banks) "Now we're seeing them use more agentic workflows where they've got chatbots instead of people," Newman noted. "Even if you don't speak Mandarin, you can target Mandarin-speaking countries. If you don't speak English, you can still target English-speaking countries." This shift toward automation may soon alter the physical footprint of regional crime rings. "I do wonder if it's going to mean that scam compounds aren't as much of a thing, and we see more of a decentralized model with isolated hubs of scams instead of the big major compounds," Newman said. "One of the interesting things about scam compounds is they normally start primarily by human trafficking victims. If it does go to this hub model, I'm hoping that means we're not seeing as much of that human trafficking side." Tracking payment rails: stablecoins and fake merchant qrs. The conversation also turned to localized financial fraud in the Philippines, such as illicit operators abusing local payment channels like QR Ph. In these setups, illicit gambling rings or illegal services disguise their merchant profiles as legitimate businesses, like bakeries or hair salons, to move fiat undetected. (Read More: Illegal Casinos Tried Passing Themselves Off as Bakeries and Salons, Prompting Tighter BSP E-Wallet, QR Ph Rules) While TRM Labs primarily focuses on blockchain-native transactions, Newman pointed out that as Southeast Asian economies increasingly adopt stablecoins onto public and permissioned rails, compliance monitoring becomes vital. "When you adopt a stablecoin, all of a sudden that becomes on a blockchain, and then that's when you can attribute those sort of things," Newman explained. "Because of how payment rails have existed previously, a lot of people across Southeast Asia are moving towards stablecoins. That's a big bit of what TRM does: You want to know who is the party on the other side. Is that a bank? Is it coming from a casino? Are we looking at laundering or structuring of funds?" The 60-minute rule: how victims can freeze stolen crypto. When high-net-worth individuals, founders, or everyday users fall victim to spear-phishing or private key exploits, the window to act is extremely narrow. Newman emphasized that immediate reporting to law enforcement and intelligence networks is the single most critical step in asset recovery. "Pre-attack, one of the best things to do is diversification of funds," Newman advised. "When one of those bits fail and you are hacked, the main thing is reporting it immediately. Speed and time of that reporting is critical." (Read More: How to Report a Crypto or Investment Scam) TRM Labs operates an incident response network called the Beacon Network, designed to intercept stolen assets as they flow through intermediate wallets. "If we tag those funds in TRM, and they then move to an exchange in two or three hops, if that exchange is part of the Beacon Network, they get an email, the investigator gets an email, and those funds are held and can be frozen," Newman revealed. "If you report it three days later, they could be well and truly gone." Newman's immediate advice for anyone who suspects their device has been compromised: * Assume the device is infected: Do not attempt sensitive recovery steps on the affected hardware. * Report immediately: Provide wallet addresses to law enforcement and intelligence partners to tag the funds across exchange networks. * Isolate and rotate: Rotate seed phrases and move remaining assets using a separate, uncompromised device upon returning home. Navigating the threat of AI key-cracking and user privacy. As AI capability accelerates, concerns have grown within the crypto community regarding the potential for advanced models or future computing tech to compromise cryptographic keys. Newman framed this as a broader, societal infrastructure challenge rather than a strictly crypto-specific problem. "AI is accelerating phenomenally," Newman stated. "People always talk about quantum computing or AI cracking Bitcoin. But if it's cracking Bitcoin, it's also cracking banks and critical infrastructure. So it's not a Bitcoin problem, it's a societal and global issue." On the question of balancing legitimate user privacy with financial compliance, Newman reiterated that privacy remains a foundational pillar of public blockchains, but structured transparency is necessary to fight malicious actors. (Read More: Is Crypto Encryption In Trouble? Google's Willow Quantum Chip Breaks Speed Records) "Privacy is important because knowing who someone is creates the risk of them being targeted," Newman said. "It's about having a balance between privacy and being able to identify illicit actors. That requires working directly with blockchain foundations to strike a balance between what can be decrypted for law enforcement during illicit activity while keeping user data private by default." Expanding support in the Philippines. Looking ahead, TRM Labs plans to deepen its involvement in the local ecosystem, supporting public agencies and private sector platforms operating in the country. "We're really interested in the Philippines," Newman concluded. "We want to show that we're thought partners in the area and that we want to be helping the Philippine community build a safer crypto ecosystem." What else is happening in Crypto Philippines and beyond?

National Cybersecurity
Oct 14th, 2026
Hudson Rock partners with TRM Labs as a launch data partner for Ardence, the new AI investigation platform | #cybercrime | #infosec.

Hudson Rock partners with TRM Labs as a launch data partner for Ardence, the new AI investigation platform | #cybercrime | #infosec. Discover more Audit Security Compare Security Partnership Announcement October 14, 2026 · Cybercrime Intelligence Bridging the gap between blockchain activity, technical attack infrastructure, and real-world cybercriminal identity to help government investigators, cyber threat analysts, and compliance teams disrupt modern AI-enabled crime. Hudson Rock is proud to be a data partner of Ardence, TRM Labs' new AI investigation platform. Learn more: trmlink.info/3UgApIh As threat actors increasingly weaponize artificial intelligence and infostealer malware to scale cyberattacks, ransomware operations, and illicit financial schemes, defenders and investigators face an unprecedented operational challenge. Today, Hudson Rock is thrilled to announce its official partnership with TRM Labs as a launch data partner within the Ardence Data Network, powering TRM Labs' newly unveiled AI investigation platform, Ardence. Built specifically for government investigators, cyber threat analysts, and compliance teams across more than 600 agencies and institutions in 75 countries, Ardence brings specialized intelligence from more than 60 partners into a single, AI-native platform to tackle cybercrime, fraud, money laundering, sanctions evasion, and terrorism financing. Hudson Rock joins the Ardence Data Network to enrich cybercrime and blockchain investigations with real-time infostealer and cybercriminal identity intelligence. "To catch sophisticated threat actors, investigators must bridge the gap between blockchain activity and cybercriminal identity. Partnering with TRM arms analysts with real-time visibility into high-profile cybercrime networks, drastically accelerating complex investigations from start to finish." Alon Gal, CTO and Co-Founder, Hudson Rock Closing the Capacity Gap in the Era of AI-Enabled Cybercrime Criminal networks are utilizing AI to drastically increase both the volume and velocity of their operations. While investigators possess the tradecraft required to build high-stakes cases, the sheer scale of modern cybercrime has created a severe capacity gap that manual research and hiring alone cannot close. Recent findings from TRM Labs highlight the scale and speed of this evolving threat landscape: +40% Year-over-year surge in criminal use of AI according to TRM's 2026 AI-in-Crime Adoption Index. $21B Losses reported to the FBI's Internet Crime Complaint Center in 2025, roughly 5x the 2020 total. 93 New ransomware variants observed in 2025, representing a 94% increase from 2024. 51% Share of ransomware off-ramp volume concentrated across just five laundering services in 2025. Traditionally, cybercrime and nation-state investigations have been slowed down by fragmented intelligence: Evidence is scattered across silos: Threat reporting, domain and infrastructure records, infostealer compromises, and on-chain financial activity sit in separate tools, forcing analysts to spend valuable hours collecting data before they can even assess a campaign. Related attacks are investigated in isolation: Shared infrastructure, malware tooling, compromised credentials, and laundering services often link incidents across organizations, yet a single report rarely reveals the wider operation. Manual research delays operational action: Analysts repeatedly run searches across disconnected platforms and manually reconcile findings into briefings for law enforcement, defenders, and leadership. Understanding the Operation Behind the Attack with Hudson Rock & Ardence Simply connecting a generic AI model to raw data does not provide the investigative tradecraft or audit trail needed for high-consequence environments. Featured prominently on TRM Labs' Cyber Attacks & Cybercrime mission hub, Hudson Rock integrates directly into Ardence's all-source intelligence architecture so investigators can ask questions in natural language and query across cyber, breach, identity, infrastructure, and blockchain sources in parallel. By pairing TRM Labs' blockchain and cross-source intelligence with Hudson Rock's proprietary infostealer and cybercrime intelligence, analysts can seamlessly execute four core investigative workflows: 01 · Research What do National Cyber Security know about this threat? Define threats, geographies, and timeframes in natural language. Ardence compares reported attacks, infrastructure, and campaign patterns across sources to generate source-backed summaries and highlight intelligence gaps. 02 · Connect Which activity belongs to the same operation? Start with an incident report, domain, IP, hash, or handle. Enrich indicators against hosting, malware, infostealer infections, and breach records from Hudson Rock to unmask threat actor identities and shared infrastructure. 03 · Trace What does the financial activity reveal? Pivot from a ransom wallet or stolen-funds transaction to trace on-chain transfers and identify receiving off-ramp venues, correlating blockchain trails directly with Hudson Rock's technical and identity evidence. 04 · Report What does your team need to know? Produce technical summaries, campaign assessments, or executive briefings that clearly separate observed facts from analytical assessments, keeping every finding linked to its underlying source material. Built for High-Stakes Scrutiny and Real-World Disruption As TRM Labs CEO and Co-Founder Esteban Castaño noted at launch, Ardence is engineered to take the most manual work off investigators' plates so the same team can work more cases without sacrificing rigor or precision: Connected Intelligence: The Ardence Data Network unites TRM intelligence with specialized cyber, dark web, identity, corporate, and financial intelligence, including Hudson Rock's infostealer data, under a unified investigative workflow. Expert Tradecraft: Ardence applies repeatable analytic methods developed with experienced CTI and financial crime analysts to follow leads further than a team could by hand. Built for Scrutiny: Every finding stays strictly linked to its source material so reviewers can retrace the exact methods and human decisions behind a conclusion. Carried into Action: The unified investigation record directly supports drafting legal processes, asset-freeze requests, Disruption Sprints, and infrastructure takedowns, already helping global teams protect major international events, dismantle ransomware laundering pipelines, and take down thousands of scam sites. Through this partnership, Hudson Rock's unmatched visibility into global info-stealer infections and cybercriminal ecosystems empowers Ardence users to connect compromised credentials, infected machines, and threat actor footprints directly to on-chain illicit finance, turning fragmented indicators into decisive disruption. To learn more about how Hudson Rock protects companies from imminent intrusions caused by info-stealer infections of employees, partners, and users, as well as how National Cyber Security enrich existing cybersecurity solutions with its cybercrime intelligence API, please schedule a call with National Cyber Security, here:https://www.hudsonrock.com/schedule-demo National Cyber Security also provide access to various free cybercrime intelligence tools that you can find here:www.hudsonrock.com/free-tools Thanks for reading, Rock Hudson Rock!

Ascend Analytics
Sep 23rd, 2026
Why your Data Lakehouse is slower than your old warehouse (and what you did wrong during migration).

Why your Data Lakehouse is slower than your old warehouse (and what you did wrong during migration). Team Ascend September 23, 2026 A team moves off an expensive proprietary warehouse, excited about open formats and lower storage cost, and a few months later the dashboards that used to load in seconds are taking minutes. Analysts start asking why the new platform feels slower than the one it replaced. This is a common story, and it rarely means the lakehouse architecture itself was the wrong choice. Adoption of this model keeps climbing. According to Dremio's State of the Data Lakehouse in the AI Era report, which surveyed 563 IT decision-makers in late 2024, 41% of organizations had already migrated from a cloud data warehouse to a lakehouse, more than from any other source system, citing cost efficiency and unified data access as the top drivers. The architecture works. What usually breaks performance is how the migration itself was executed, which is where data engineering services come in. Where lakehouse performance actually breaks down. Most performance complaints trace back to a small number of decisions made during migration, not a limitation of the platform. Two patterns show up again and again once you look at the query logs: * Copying the old table structure instead of redesigning it. Teams under time pressure often lift the schema straight out of the old warehouse and load it into the new environment without rethinking partitioning, file layout, or clustering. * A structure that worked well for a proprietary warehouse engine does not automatically perform the same way on an open table format like Iceberg or Delta Lake, because the underlying storage and query engines behave differently. * The small files problem. Data that streams in continuously, or gets written in small batches across many partitions, ends up scattered across thousands of tiny files instead of a manageable number of larger ones. The total data volume barely changes, but query engines have to open and scan far more files to answer the same question. Without a regular compaction and clustering process built into the pipeline from day one, this gets worse every week after going live, quietly, until someone finally notices the dashboards have slowed to a crawl. What good migrations actually do differently. The gap between a lakehouse that performs and one that does not usually comes down to whether these problems were addressed before go live or discovered after complaints started rolling in. Engine selection matched to the actual workload. Not every query engine performs equally well on every kind of workload. High concurrency, low latency dashboard queries behave very differently from long running batch analytics, and choosing an engine without testing against your real query patterns is one of the fastest ways to end up disappointed. TRM Labs, presented at Iceberg Summit 2025, offers a well documented example. Working with more than 100 terabytes of data growing 25 to 45% annually, and a strict three second latency requirement for customer facing analytics, the team evaluated several engines before settling on the right fit for their workload. The result was a 50% improvement in P95 query latency and a 54% reduction in query timeout errors compared to their prior setup. Compaction, clustering, and partition management cannot be a one time cleanup step performed right before launch. They need to run continuously as part of the data pipeline, or the small files problem simply returns within a few months. This kind of continuous tuning matters most for teams handling high volume, fast moving data, the same challenge that shows up in logistics and supply chain analytics, where shipment, inventory, and tracking data streams in around the clock. Ascend Analytics covered this in more depth in Analytics in Logistics and Supply Chain: A Game Changer for Your Business. A migration checklist worth running before you commit. A short audit before migration usually prevents most of these issues: * Map expected query patterns and latency requirements before choosing an engine * Build a realistic plan for file sizing and compaction, not just at launch but ongoing * Assign a clear owner for table maintenance after go live, not just during the migration project * Test the chosen engine against real production query patterns, not synthetic benchmarks Why this is a data engineering problem, not a platform problem. Most vendors selling lakehouse platforms will tell you the architecture supports both flexible storage and fast queries, and that is generally true. What they will not always tell you upfront is that reaching that performance requires deliberate engineering work throughout the migration, not just at the end. Teams that plan file layout, engine selection, and monitoring into the pipeline from the start tend to catch these issues during planning instead of during a stressful post launch fire drill. Query performance also depends on what happens after the data lands. Dashboards built on a solid business intelligence layer surface these slowdowns early, before they turn into a pattern of complaints. Frequently asked questions. Does moving to a lakehouse always cause performance problems? No. A properly planned migration with the right engine choice, file layout strategy, and ongoing maintenance plan can match or beat the performance of a traditional warehouse. The performance problems people run into almost always trace back to migration shortcuts, not a limitation of the lakehouse model itself. How does Ascend Analytics help teams avoid these migration mistakes? Ascend Analytics plans migrations around actual query workloads rather than assumptions, building file layout, compaction, and monitoring into the pipeline from day one instead of treating them as an afterthought. Is a lakehouse always cheaper to run? Often, but not automatically. Storage costs can drop significantly, but if poor file layout forces excessive computation to compensate, some of those savings disappear into higher query costs. Cost and performance need to be planned together. What is the biggest warning sign that a migration went wrong? Query times that were fine at launch and steadily worsened over the following months, without any major change in data volume. That pattern almost always points to the small files problem building up because compaction was not built into the pipeline. Should every organization consider outside help for this kind of project? Not every organization needs it, but teams without deep experience running production lakehouse workloads at scale often benefit from working with a partner who has already seen these failure patterns and can plan around them upfront. Is your lakehouse migration actually built to perform, or just built to launch? A lakehouse that launches on schedule but slows down every month afterward was not really finished on launch day. It was missing the ongoing engineering work that keeps performance stable as data keeps growing. Ascend Analytics helps teams plan migrations around real workloads and build maintenance into the pipeline from the start. If your queries are getting slower instead of faster, reach out to Ascend Analytics and let's look at what is actually happening under the hood. Table Of Contents

CryptoTimes
Sep 9th, 2026
TRM Labs doubles valuation to $2B as it expands into AI.

TRM Labs doubles valuation to $2B as it expands into AI. TRM Labs' valuation doubled to $2 billion as the blockchain analytics firm prepares to launch a new AI-focused investigations platform in November. Published 2 hours ago · Updated 1 hour ago Key Highlights * TRM Labs said its valuation has doubled to $2 billion, six months after raising $70 million at a $1 billion valuation. * CEO Esteban Castano said the new funding reflects investor interest in TRM's planned AI investigations platform, which is expected to launch publicly in November. * The platform is designed to investigate AI-related fraud, deepfakes, sextortion and other crimes alongside TRM's existing blockchain analytics business. TRM Labs said its valuation has doubled to $2 billion following an add-on funding round from existing investors, six months after the blockchain analytics company raised $70 million at a $1 billion valuation. In an interview on September 9, CEO Esteban Castano said the funding reflects investor interest in the company's planned expansion into AI investigations while TRM continues its blockchain analytics business. The new valuation comes as TRM prepares to launch an AI investigations platform in November and continues to compete for government and institutional contracts. TRM raises additional funding from existing investors. TRM did not disclose the size of the latest funding round. Castano described it as "modest" and said the capital came entirely from existing investors. The company previously raised a $70 million Series C at a $1 billion valuation. Blockchain Capital led the round, with participation from Goldman Sachs, Bessemer Venture Partners, Y Combinator, Thoma Bravo and Galaxy Ventures. The financing brought TRM's total funding to approximately $220 million across seven rounds, according to the company. Castano said TRM expects to exceed $100 million in annual recurring revenue within weeks. He also said the company has about 500 employees, with offices or operations in London, Singapore and Washington, D.C. Castano has described the valuation as a recruitment tool, calling it a "bat signal." TRM's $95M ICE contract faces Chainalysis challenge. TRM's valuation increase follows a recent contract win with the U.S. government. U.S. Immigration and Customs Enforcement (ICE) awarded TRM Labs a contract worth approximately $95 million for blockchain analytics and crypto-tracing capabilities used in investigations. ICE awarded the contract through a sole-source procurement process - a direct award to one vendor without a competitive bidding round - after conducting market research to determine whether other vendors could provide the required capabilities. On August 17, ICE gave vendors six days to respond during the market research process. The agency subsequently determined that TRM was the only company that met its stated requirements. Those are Chainalysis' allegations and do not establish that ICE or TRM violated procurement rules. The dispute provides additional context on the competition between the two companies in the government market. TRM plans AI investigations platform. TRM is preparing to publicly launch a new investigations platform in November focused on crimes involving artificial intelligence. According to Castano, the platform will address areas including AI-enabled fraud, deepfakes, sextortion and child sexual abuse material. TRM argues that criminal networks increasingly operate across different types of crime and that cryptocurrency activity can help investigators connect related activity. Castano also said AI has reduced some of the technical barriers involved in fraud and manipulation, allowing certain activities to be carried out more quickly and at greater scale. These are the company's stated reasons for developing the platform. Because it has not yet launched publicly, its performance and customer adoption cannot yet be assessed. TRM's valuation contrasts with Chainalysis. TRM's new valuation differs sharply from the most recently disclosed valuation of Chainalysis, its larger and more established competitor. Chainalysis raised $170 million at an $8.6 billion valuation in 2022. Its valuation was later reported at approximately $1.55 billion in 2026, according Chianalysis blog publsied in May. The figures come from different funding periods and market conditions, so they do not provide a direct measure of the companies' current relative value. Chainalysis remains an established provider of blockchain intelligence. The company says it serves more than 1,500 organizations, including government agencies, financial institutions and crypto businesses. TRM's latest valuation therefore does not show that it has overtaken Chainalysis in market size. It reflects the price assigned to TRM in its latest financing and investor expectations around its existing business and planned products. Crypto crime creates demand for investigative tools. Blockchain investigation companies operate in a market shaped by the use of cryptocurrency in scams, ransomware, sanctions evasion, hacks, and other criminal activity. Chainalysis estimated that illicit cryptocurrency activity reached approximately $158 billion in 2025, while crypto hacks accounted for about $3.4 billion in losses. The figures are estimates based on the firm's methodology. TRM has also reported increased use of AI in scams and fraud. Its global head of policy, Ari Redbord, previously said the company had observed a 500% increase in AI-enabled use in scams and fraud. Government agencies have also used multiple blockchain analytics providers in cryptocurrency-related investigations. The IRS has said it began working with more than one provider rather than relying on a single vendor. These developments provide context for the market in which TRM operates as it adds AI-focused investigation tools. AI could broaden TRM's product scope. TRM's planned AI platform would take the company beyond investigations centered primarily on blockchain transactions. The company says cryptocurrency can connect different forms of online crime because digital assets are used across multiple illicit activities. The approach would also place TRM in competition with companies providing cybersecurity, fraud-detection and other investigative software, rather than only with blockchain analytics firms. The public launch in November should provide a clearer opportunity to assess the platform's capabilities and customer adoption. What comes next for TRM. TRM enters the next stage with a $2 billion valuation, a large federal contract and a planned AI investigations platform. The ICE contract remains subject to Chainalysis' legal challenge, while the AI product has yet to launch publicly. The company's stated $100 million ARR target and future customer adoption will provide additional indicators of how its business is developing. For now, the latest financing reflects investor expectations rather than a completed test of TRM's AI strategy. The November launch and the outcome of the ICE procurement dispute will provide further information about the company's position in the blockchain intelligence market. Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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