Esteban Castano went from business school to blockchain crime-hunting. TRM Labs co-founder and CEO talks with The Examiner’s benpimentel about the highs and lows of crypto.
Esteban Castano and Rahul Raina launched TRM Labs to use blockchain data to help crypto companies gain insights into their customers.
Crypto companies and traditional banks use the technology to make sure they’re complying with regulations. Law enforcement agencies and policymakers rely on the tools offered by companies like industry leader Chainalysis and TRM Labs to keep track of criminal organizations and entities violating economic sanctions, such the ones imposed after the Russian invasion of Ukraine.
Over time, while we were building this really terrible game, we came to realize that being able to read data from the blockchain to translate that complex activity and make it intelligible and useful was something that a lot of people, regardless of what they were building on blockchains, were going to need. That’s where the idea of TRM, or token relationship management, came out of.Now you have to tell me! It was called Token Drop. Long story short, we’re terrible game developers.
The second thing that we believed was that a critical ingredient to making crypto successful was building more trust in digital assets, and more safety in this ecosystem. We were focused on helping token issuers like stablecoin companies understand their user base, to answer questions like, how many addresses are holding my token and how is that number changing over time?
Talk about your early dealings with law enforcement agencies. Towards the end of 2018, we had this idea that we should pivot to compliance. We had raised a seed round and we said, “Well, let’s try an experiment. What if we announced our fundraise, and we positioned ourselves as a compliance startup?”
There was this “aha” moment when we were with the FBI. We were showing the tool we had built, and for all these companies it was really valuable to them.
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