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Proven, a Zero-Knowledge Proof of Solvency Solution for Crypto, Raises $15.8M Seed Round Led by Framework Ventures

Team of former Jane Street, PIMCO quant experts launch first-of-its-kind product to enable brokers, exchanes, and custodians to prove solvency daily

Serves leading Web3 companies including Coinlist, Bitso, TrueUSD, and M11 Credit, among others

Additional investors include Balaji Srinivasan, Roger Chen, and Ada Yeo

NEW YORK, March 9, 2023-- Proven, a developer of zero-knowledge proofs that enables exchanges, stablecoins, asset managers and custodians to safely and efficiently prove their solvency to customers, lenders, and regulators on a daily schedule, today announced that it has raised $15.8 million in a seed round led by Framework Ventures, a venture capital firm known for its early entry in the decentralized finance (DeFi) space. Additional investors in the round include ground-breaking founders such as Balaji Srinivasan, Roger Chen, and Ada Yeo.

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. 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 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 Richard Dewey, Co-Founder of Proven. “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.”

Proven is led by a team of veteran quantitative traders, researchers, and portfolio managers from firms including Jane Street, PIMCO, Two Sigma, and Elm Partners who experienced first-hand the difficulties of proving solvency in a private and secure manner. Through their experience in helping asset managers navigate the challenges created by audits, and understanding customer concerns around liquidity management and transparency, the team founded Proven to help firms across both traditional finance and crypto prove solvency without the headaches or risk.

Today, Proven serves exchanges, stablecoins and lenders including Coinlist, Bitso, TrueUSD and M11 Credit, among others. These pilot partners, leading participants in their respective verticals, are committed to establishing trust with their customers.

“The long-term survival of crypto is highly dependent on establishing trust between customers and the platforms holding their assets. Understandably, we are seeing these platforms looking far and wide for a solution that best protects themselves and their customers. We believe the Proven team has created a game-changing solution that both reduces risk for customers and the platforms themselves,” said Roy Learner, Partner at Framework Ventures. “Proven’s cutting edge zero-knowledge approach to proving solvency, combined with the team’s track record in developing technology-based solutions across traditional finance and crypto, positions the company well to help the crypto ecosystem achieve its goal of fostering transparency and privacy simultaneously. We look forward to supporting this innovative team as they execute on their mission.”

Proven’s seed funding will enable the company to further expand its development team and scale its world-class zero-knowledge based technological infrastructure. Investors and market participants interested in joining Proven or learning more about the company can visit

About Proven

Proven is a cryptography company dedicated to increasing trust and transparency. Leveraging cutting-edge technology, Proven’s products enable exchanges, stablecoins, asset managers and custodians to harness next-generation cryptographic tools such as zero-knowledge proofs and homomorphic encryption to make markets safer and more robust for everyone. For more information, visit

Disclosures: Information contained herein is accurate as of the date of publication and is subject to change. This is not investment advice and readers should not construe discussion of any particular organization as a recommendation to purchase or sell, or a solicitation of an offer to purchase or sell, any securities or digital assets related to such organization.

Richard Dewey
(310) 741-7089

Carissa Felger/Sam Cohen
Gasthalter & Co.
(212) 257-4170

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