U.S.-based venture firm Blockchain Capital leads a $1.7 million seed round for blockchain compliance startup TRM.

United States-based investment firm Blockchain Capital has led a seed funding round for  blockchain compliance startup TRM, a press release from the firm reveals Jan. 31.

TRM announced today that it had a closed a funding round totalling $1.7 million. Tapas Capital, Green D Ventures, The MBA Fund, and “strategic angel investors” also participated in the round. According to TRM, the company is going to spend the funds on scaling its engineering talent and expanding the capabilities of its platform.

Based in San Francisco, the firm has developed a so-called token relationship management platform to help crypto businesses streamline their Anti-Money Laundering compliance. The platform reportedly offers due diligence solutions, transaction monitoring and customer relationship management.

The firm is also developing tools that use machine learning to automatically trace suspicious activity, such as money laundering and market manipulation. As per the press release, more than 20,000 individuals have already verified their Ethereum (ETH) address on TRM’s platform.

In November, Blockchain Capital’s co-founder and managing partner Brad Stephens led the $12.75 million strategic funding round for the digital securities startup Securitize, which also received investments from Coinbase Ventures, Global Brain, NXTP and Xpring at Ripple.

Also today, crypto staking startup Staked announced it had sealed $4.5 million in a funding round led by Pantera Capital, with participation from Coinbase Ventures, Winklevoss Capital and others.

Source: Cointelegraph