TRM(Token Relationship Management) a startup is offering its services to RegTech solution and has received approximately $1.7 million from its investors for staying compliant with the ever-changing regulations. The TRM platform instils a design which provides on-chain simplification anti-money laundering (AML) compliance for all the cryptocurrency and digital assets using companies. According to reports, the platform has the ability to offer to monitor over transactions of the customer, along with customer on-chain due diligence and customer relationship management
TRM is also under the process of developing automated detection solutions for detecting suspicious activities which include market manipulation or money laundering
For this process around 20,000 individuals have already registered KYC on RegTech’s Ethereum address. TRM has already implemented its product with a Stablecoin TrustToken’s TrueUSD which is supported by the USD and its not so different as compared to Tether(USDT)
The TRM CEO and co-founder, Esteban Castaño stated that it wants to make it easier for everyone to have cryptocurrency compliance since they feel that cryptocurrency is a “democratizing force”. Since its new and explosive in its financial market and product offerings, it needs proper regulations and compliance infrastructure so that it scales new heights with the new world.
Although Bitcoin and other cryptocurrencies were introduced with their own regulations, they did not have any facility for utilising their assets at the mainstream level. Solutions like TRM’s RegTech will assist in centralized institutions for maintaining and having centralized control over the said cryptocurrency space. As per the reports, solutions like the TRM will provide adoption at a mainstream level for cryptocurrency and digital asset technologies with further decentralization.