- Proven will use funding to expand its development team
- The startup will use “zero-knowledge” technology
Proven company, which uses “zero-knowledge” technology attracts investment of $15.8 million led by Framework Ventures.
Zero-knowledge is a technology that can be used to authenticate data while keeping it encrypted and hidden from the relying party. Such proofs are often used for second level scaling solutions. But Proven’s ZK purports to allow firms to show both assets and liabilities without having to publicly disclose their balance sheets.
Proven co-founder Richard Dewey stated:
“Recently, we have highlighted an issue that confuses both traditional financial companies and firms that are somehow connected with cryptocurrencies. This is a problem of building trust with clients in order to maintain the required level of confidentiality.
He added that the technology was designed to enable clients and regulators to trust exchanges while protecting clients’ sensitive information.
Following the shocking crash of FTX last year, other platforms such as Binance, OKX, and Crypto.com have shown evidence of reserves. Regulators kept a close eye on the process, and some audit firms even suspended work on such projects. Proven hopes to be able to offer an alternative way to verify evidence of reserves.
In early March, Polygon launched the Web3 identity service. It also uses “ZK” technology