Proven, a startup aimed at monitoring solvency of exchanges and crypto issuers, has raised $15.8 million in a seed funding round led by Framework Ventures.
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The New York-based startup added in a press release other investors, including Balaji Srinivasan, Roger Chen, and Ada Yeo, also participated in the round.
Proven is relying in its business model on zero-knowledge proofs and quantitative technology solutions to demonstrate their clients' assets and liabilities without disclosing balance sheets themselves. The startup's technology can be run daily, thereby increasing transparency.
Proven Co-Founder, Richard Dewey, says the startup has 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."
The startup already has in its portfolio such "pilot partners" as TrueUSD, Bitso, M11 Credit and others. The funding is said to help the firm further expand its development team and scale its infrastructure.
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