Startup Checking Crypto Companies Solvency Raises $15.8M

Proven, a startup that is developing a zero-knowledge proof-based technology to help crypto companies prove their solvency without having to hand over sensitive information, has raised $15.8 million in a seed funding round led by venture capital firm Framework Ventures.

Other investors include Balaji Srinivasan, Roger Chen and Ada Yeoh. According to co-founder Richard Dewey, the project aims to provide an effective and confidential way to build customer trust, increase the authority of cryptocurrency platforms among users and regulators while protecting their personal information.

Among the clients of the startup platform are Coinlist, Bitso, TrueUSD and M11 Credit. The funds will be used to expand the staff and develop the technological infrastructure.