Proven, a developer of zero-knowledge proofs that enables exchanges, stablecoins, asset managers and custodians to prove their solvency, has raised $15.8m in a seed round.
The round was led by Framework Ventures and also saw participation from a number of angel investors.
Proven enables stablecoins, asset managers and custodians to safely and efficiently prove their solvency to customers, lenders, and regulators on a daily schedule. The company allows these groups to show their assets and liabilities without needing to publicly disclose their balance sheets, or any other sensitive information to the public.
While most proof of reserve schemes show only a firm’s assets, 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 claims its seed funding will enable it to further expand its development team and scale its zero-knowledge-based technological infrastructure.
Proven co-founder Richard Dewey said, “The last few months have highlighted an issue that has long plagued both traditional financial and digital asset firms – efficiently fostering trust with customers while maintaining a necessary level of privacy. The absence of this has led to significant distrust and, of course, contagion.
“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. We have received incredible support from many of the established participants in the crypto ecosystem and are looking forward to onboarding many more firms in the coming weeks.”
Violet, a provider of privacy-protective compliance and identity infrastructure for DeFi, has bagged $15m in a funding round and launched a compliant decentralised exchange.
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