The world of technology has seen a number of bubbles in terms of advancements and reinvention of technology. The majority of the bubbles ended up as burst ones, due to the lack of practicality and flaws in implementation. The same goes for the plausible digital replacement of hard cash, PayPal.
According to the company, the digital currency platform PayPal had heaps of potential to overcome and become a substantial replacement of physical cash. However, there still might be time for that replacement to happen, just yet.
PayPal Investments
Recently, PayPal Ventures was joined by a number of other Venture Capitalists in TRM’s seed round. The other investors included:
- Initialized Capital,
- Blockchain Capital, and
- Y Combinator.
The seed funding round for TRM managed to generate a whopping $5.9 million.
The sole purpose of TRM is to provide security to different financial institutions that wish to embrace the opportunities associated with cryptocurrencies. The startup emphasizes on the mitigation and eradication of risk involved.
It integrates with over a dozen blockchains. This allows the startup to analyze billions of virtual asset transactions. The entire process provides a detailed screening process that helps the startup to detect signs of fraud and financial crime. Crimes such as money laundering.
According to TRM, it already has delivered its technology to banks, brokerages, and exchanges across the US, Latin America, Asia, and Europe. This serves to be a key point in the validation of the idea’s concept and its implementation.
The seed funding will prove to be pivotal to make engineering and data science hires, which will further allow the expansion of the startup into new markets. Furthermore, it will also accelerate the startup’s pace of product development.
Esteban Castano, CEO TRM says:
“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people.
By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people.”
