Two companies, including Proven, which provides “asset proof” solutions, announced funding of 2 billion yen each

Proven raises about 2.1 billion yen

It is still fresh in our memory that the funds of many users were tied up due to the bankruptcy of multiple centralized services (CEX) in 2022, including the former major crypto asset (virtual currency) exchange FTX.

To restore trust from users, major exchanges such as Binance, OKX and Crypto.com have launched “Proof of Reserves,” which disclose proof of holdings of customer assets. In addition, the need for a decentralized exchange (DEX) that allows swapping while holding assets in a self-managed wallet has increased.

Two developers related to these proofs of assets and DEXs have each completed early-stage investment rounds, it was learned today.

Proven, which provides a “Proof of Solvency” solution based on zero-knowledge proof technology (ZK), has raised about 2.1 billion yen ($15.8 million) in a seed round.

Proven already provides proof of solvency services to cryptocurrency exchanges Coinlist and Bitso, stablecoin issuer TrueUSD, and decentralized finance (DeFi) institutional credit underwriter M11 Credit as customers.

Solvency is financial solvency, generally indicated by the total outstanding reserves being sufficient to cover the total liabilities of the company.

Proven’s solution uses cryptography to reveal assets and liabilities to customers and regulators without exposing sensitive data such as balance sheets directly.

Framework Ventures, a virtual currency venture capital, was the lead investor in the seed round of approximately 2.1 billion yen. Balaji Srinivasan, former Coinbase CTO and former general partner of a16z, also participated as an investor.

Proven was founded by former Jane Street giant market makers. Team members include quantitative traders, researchers and portfolio managers from PIMCO, Two Sigma and Elm Partners.

Proven will use the seed round to expand its development team and expand its customer base to include exchanges, stablecoin issuers, asset managers and custodians.

connection:“Zero-knowledge proof” is the key to personal information management | Contribution to XSL Labs

Violet raises about 2 billion yen

Meanwhile, Violet, which provides compliant infrastructure for DeFi (decentralized finance) and Web3, launched its compliant decentralized exchange (DEX), Mauve, today.

The announcement revealed that global investors including Coinbase Ventures and Brevan Howard, a leading macro strategy hedge fund founded in 2002, participated in Violet’s approximately 2 billion yen ($15 million) investment round. became. Other names include Ethereal Ventures, BlueYard Capital and Balderton.

Mauve is a project that aims to promote the use of institutional investors by meeting traditional financial compliance requirements such as anti-money laundering and sanctions laws. Mauve users have to go through strict compliance checks.

Violet has indicated that it intends to use the funds raised this time to expand adoption of Mauve. Violet co-founder Philipp Banhardt said:

In November 2010, suspicions of misappropriation of customer assets by the company emerged after the bankruptcy of FTX. There is a history of attracting attention to the characteristics of

According to the data site DeFillama, the total trading volume of the DEX category has expanded to 1.54 trillion yen ($11 billion), the largest since the Terra (LUNA) shock in May 2010 (as of November 15, 2010).

connection:Decentralized exchange to replace FTX, related tokens of GMX and DYDX skyrocket

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