Proof Of Solvency Startup Proven Raises $15.8 Million Seed Round Led By Framework Ventures

Key Points:

• Framework Ventures led a $15.8 million seed round for Proven.
• Proven’s Proof of Solvency tool may be used on a daily basis, boosting openness and confidence among consumers, lenders, and regulators.
• The company has already onboarded leading Web3 companies, including Coinlist, Bitso, TrueUSD, and M11 Credit.

Proven, a developer of zero-knowledge proofs that allow exchanges, stablecoins, asset managers, and custodians to prove their solvency to customers and lenders, announced a $15.8 million seed round led by Framework Ventures, a venture capital firm known for its early entry into the decentralized finance (DeFi) space.

Other investors in the round include trailblazing entrepreneurs like Balaji Srinivasan, Roger Chen, and Ada Yeo.

For crypto service providers, Proven is developing a zero-knowledge proof-based trust layer. On a daily basis, the solution allows crypto exchanges, stablecoins, asset managers, and custodians to demonstrate their solvency to consumers, lenders, and regulators.

Whereas most proof of reserve systems only display a company’s assets, Proven allows companies to demonstrate both assets and liabilities without revealing any extra information about the company or its clients.

The company’s Proof of Solvency tool may be used on a daily basis, boosting openness and confidence among consumers, lenders, and regulators.

Leading Web3 companies, including Coinlist, Bitso, TrueUSD, and M11 Credit, have already joined the company.

Proven Co-Founder Richard Dewey stated:

“We designed Proven to be a win-win solution that enables customers and regulators to have confidence in their exchanges, lenders, asset managers and stablecoins while at the same time protecting sensitive customer information.”

Proven is managed by a team of professional quantitative traders, researchers, and portfolio managers from businesses such as Jane Street, PIMCO, Two Sigma, and Elm Partners, who have firsthand knowledge of the challenges of establishing solvency in a private and safe manner.

Proven’s product is based on one of the largest sagas in the crypto company. The collapse of the famous cryptocurrency exchange FTX last year resulted in the arrest of founder and CEO Sam Bankman-Fried.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News