.hiFramework led the $15.8 million seed round for zk proof startup Proven, which helps companies prove solvency without revealing sensitive financial data. BrandyBetz reports
Proven, a developer of zero-knowledge proofs that helps exchange and asset management clients prove their solvency, has raised $15.8 million in a seed round, led by crypto-focused venture capital firm Framework Ventures.Additional investors in the round included Balaji Srinivasan, Roger Chen, and Ada Yeo.
The fundraise comes after a year full of headline-grabbing crypto collapses tied to insolvency issues, includingProven’s technology combines zk proofs – a type of cryptography that can prove that something is true without compromising anonymity – and quantitative solutions.
"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," said Proven co-founder Richard Dewey in the press release.
The Proven team includes veteran quantitative traders, researchers and portfolio managers with experience at Jane Street, PIMCO, Two Sigma and Elm Partners. Proven’s client list includes crypto exchanges Coinlist and Bitso, stablecoin TrueUSD and M11 Credit - an institutional credit underwriter for decentralized finance .
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