Proven, a zero-knowledge (ZK) proof developer for exchange and asset management clients, has secured $15.8 million in seed funding.
Led by crypto-focused venture capital firm Framework Ventures, the round also saw participation from Balaji Srinivasan, Roger Chen, and Ada Yeo.
The capital will be used to expand the Proven team and scale infrastructure. Proven’s technology leverages ZK proofs and quantitative solutions, enabling asset managers, stablecoin issuers, exchanges, and custodians to prove their assets and liabilities to potential customers and regulators without publicly disclosing sensitive information. The company’s “Proof of Solvency” can be run daily for increased transparency.
Following a year of high-profile crypto collapses, which were tied to insolvency issues, the need for transparency has never been more important. Proven co-founder Richard Dewey said the company was designed to foster trust while maintaining necessary privacy.
The Proven team includes experienced quantitative traders, researchers, and portfolio managers from companies such as PIMCO, Jane Street, Elm Partners, and Two Sigma. The company’s clients include Coinlist, Bitso, TrueUSD, and M11 Credit, an institutional credit underwriter for decentralized finance (DeFi).
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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