Proven Raises $15.8M in Seed Funding
Proven, a New York-based developer of zero-knowledge proofs of solvency solution for crypto, raised $15.8M in Seed funding.
The round was led by Framework Ventures, with participation from Balaji Srinivasan, Roger Chen, and Ada Yeo.
The company intends to use the funds to further expand its development team and scale its zero-knowledge based technological infrastructure.
Proven is a cryptography company dedicated to increasing trust and transparency. Its products enable exchanges, stablecoins, asset managers and custodians to harness cryptographic tools such as zero-knowledge proofs and homomorphic encryption to make markets safer for everyone.
Leveraging novel, zero-knowledge proofs and deep expertise in quantitative technology solutions for asset managers, Proven enables exchanges, stablecoins, asset managers and custodians to show their assets and liabilities without needing to publicly disclose their balance sheets, or any other sensitive information to the public. In this way, Proven helps firms show both assets and liabilities without needing to reveal additional details about the firm or its customers. Proven’s “Proof of Solvency” can be run daily, thereby increasing transparency and creating trust among customers, lenders, and regulators.
The company serves leading Web3 companies including Coinlist, Bitso, TrueUSD, and M11 Credit, among others.