Proven
Proven is a New York City-based cryptography startup founded in 2022 that builds ZK-SNARK proof-of-solvency technology for crypto exchanges, stablecoins, prime brokers, and custodians to verify financial health without revealing sensitive balance-sheet data.
- Company typePrivate
- Founded2022
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Proven does
Proven is a New York City-based cryptography startup (legal name Proven Tools) founded in 2022 that builds zero-knowledge proof (ZK-SNARK) technology for the digital-asset industry. Its core product, ZeKnow Solv, enables crypto exchanges, stablecoins, prime brokers, asset managers, and custodians to cryptographically assert that their assets exceed their liabilities without disclosing underlying balances, account-level positions, or proprietary trading information. Proofs are recorded on the Ethereum blockchain and can be generated daily — a cadence the company contrasts with traditional quarterly audits. The system's distinguishing design choice is that it accounts for both assets and liabilities, which Proven and its lead investor Framework Ventures argue removes the manipulation surface present in reserve-only attestations.
Proven sells to enterprise B2B customers through a direct field-sales motion, targeting financial institutions in the crypto space that need to demonstrate solvency to counterparties, customers, and regulators without leaking sensitive information. Named customers include crypto exchange Bitso, crypto platform CoinList, and stablecoin issuer TrueUSD. Pricing is not publicly disclosed and is understood to be quote-based, with revenue likely generated through recurring subscriptions or service fees for the ZeKnow Solv platform. The company was founded by veterans from Jane Street and PIMCO; CEO and co-founder Rich Dewey leads alongside founders Craig Newbold and Agustin Lebron, with an advisory bench that includes Aaron Brown (former 10-year CRO of AQR Capital Management, 2011 GARP Risk Manager of the Year) and Ciamac C. Moallemi (Columbia Business School, Director of the Bridger Family Digital Finance Lab).
In March 2023, Proven closed a $15.8 million seed funding round led by Framework Ventures, with angel participation from Naval Ravikant and Balaji Srinivasan. Use of funds was directed at product development and team expansion, with a stated target of 12-15 employees by end of 2023. The company maintains a content-and-thought-leadership GTM, publishing educational and regulatory-advocacy pieces in Wilmott, GARP, and Fortune, and speaking at Columbia, Stanford, NYU, and Consensus 2023.
Proven firmographics
Firmographics- Name
- Proven
- Legal name
- Proven Tools
- Website
- https://proven.tools
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Proven is a New York City-based cryptography startup founded in 2022 that builds ZK-SNARK proof-of-solvency technology for crypto exchanges, stablecoins, prime brokers, and custodians to verify financial health without revealing sensitive balance-sheet data.
- Ownership category
- akta.pro rank
Proven industry classification
Industry- Product category
- Cryptocurrency Compliance Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Proof of Reserves, Attestations & On-Chain Audit/Assurance (FSADALAK)
- akta.pro secondary industry
- Smart Contract Auditing & Formal Verification (FSAPAJAA)
Keywords
Where Proven is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Proven business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- ZK Proof of Solvency Services: B2B enterprise solution providing cryptographic proof of solvency services to crypto exchanges, stablecoins, asset managers, and custodians. Revenue likely generated through subscription or service fees for the ZeKnow Solv platform.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Proven product offering
Product offeringCore offering
Proven sells ZeKnow Solv, a ZK-SNARK-based trust layer for crypto service providers. It enables exchanges, stablecoins, prime brokers, asset managers, and custodians to cryptographically prove their financial health (that assets exceed liabilities) on a daily basis without revealing sensitive private information, with proofs published to the Ethereum blockchain for independent verification.
Product overview
Proven offers a single unified product called ZeKnow Solv, which is a ZK-SNARK-based trust layer for crypto service providers. The system enables exchanges, prime brokers, stablecoins, and other financial participants to cryptographically prove their financial health and provide peace of mind to their customers without disclosing confidential data. The product allows for daily proof generation (as opposed to traditional quarterly audits) with outputs recorded on the Ethereum blockchain, and is designed to scale to hundreds of millions of customers.
Differentiator
Problem solved
Functional benefit
Products and services
- ZeKnow Solv A ZK-SNARK-based trust layer for crypto service providers that cryptographically proves an institution's assets exceed its liabilities on a daily basis without revealing sensitive private information such as balances or reserves composition. Proofs are compact, easily verifiable, and recorded on the Ethereum blockchain. Designed for crypto exchanges, stablecoins, prime brokers, asset managers, and custodians and built to scale to hundreds of millions of customers.
Quantifiable outcome
- Daily proof frequency vs traditional quarterly audits
- +1 more outcomes
Companies that use Proven
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Proven technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature1 record
Proven partnerships and signals
Strategic signalScale indicators2 records
Recent moves6 records
Expansion highlights6 records
Proven competitors and assessment
Company assessmentDirect peers
- Armanino LLP: Major U.S. accounting firm that provides cryptographic proof-of-reserves attestation services to crypto exchanges and stablecoin issuers. Directly competes with Proven in the same customer segments (exchanges, stablecoins, custodians) for PoR audit work, though using traditional attestation methods rather than ZK-SNARKs.
- ChainArgos: Blockchain analytics firm that has published independent reserve-attestation analyses on major crypto venues (e.g., challenging exchange reserve claims). Competes directly with Proven in the proof-of-reserves verification space, serving regulators, journalists, and crypto enterprises seeking third-party reserve validation.
Broad incumbents
- Chainalysis: Leading blockchain analytics and compliance platform serving crypto exchanges, regulators, and financial institutions with transaction monitoring, KYC/AML, and investigation tools. Overlaps with Proven's compliance and trust positioning for crypto enterprises, though focused on transaction-level analytics rather than balance-sheet attestation.
- Deloitte: Big Four professional services firm with an established crypto and digital asset practice providing audit, consulting, and assurance services to blockchain companies, including PoR work. A potential incumbent competitor if it bundles ZK-based attestation into its enterprise audit offerings.
- KPMG: Big Four firm with active crypto asset practice providing audit and assurance services to crypto exchanges, custodians, and token issuers. Competes indirectly through traditional attestation services and is investing in crypto-native tooling that could rival Proven's ZK approach.
- Coinbase (custody & exchange): Major U.S. crypto exchange and custodian that has been an industry leader in publishing proof-of-reserves attestations for itself and the assets it holds. Operates as both a potential customer for Proven's tooling and a potential competitor with internal balance-sheet attestation capabilities.
Emerging players
- TRM Labs: Blockchain intelligence platform providing AML compliance, fraud detection, and wallet screening to crypto businesses and financial institutions. Targets the same enterprise crypto customer base as Proven (exchanges, stablecoins, custodians) with adjacent compliance tooling rather than solvency attestation.
- Elliptic: Blockchain analytics company specializing in crypto transaction monitoring, AML, and sanctions screening for financial institutions and crypto firms. Serves overlapping enterprise customers with compliance-grade tooling that complements rather than directly competes with Proven's PoR offering.
- Solidus Labs: Crypto-native market integrity and surveillance firm serving exchanges, regulators, and token issuers with trade monitoring and manipulation detection. Operates in adjacent crypto-compliance territory with overlapping customer base of crypto trading venues and stablecoin issuers that Proven also serves.
- Nansen: On-chain analytics platform providing wallet intelligence, token tracking, and exchange flow analysis to crypto funds, exchanges, and institutional investors. Overlaps in customer base and trust/transparency tooling but focuses on transaction analytics rather than balance-sheet solvency attestation.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Proven social profiles
Digital presenceProven financial estimates
Financial estimateRevenue estimate
Valuation estimate
Proven leadership team
Management profileNumber of profiles
Profiles5 records
Proven funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Proven M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Proven
What does Proven do?
Proven sells ZeKnow Solv, a ZK-SNARK-based trust layer for crypto service providers. It enables exchanges, stablecoins, prime brokers, asset managers, and custodians to cryptographically prove their financial health (that assets exceed liabilities) on a daily basis without revealing sensitive private information, with proofs published to the Ethereum blockchain for independent verification.
Is Proven a public or private company?
Proven is a private company. It is classified as venture growth investor backed and is currently operating.
When was Proven founded?
Proven was founded in 2022. It employs 101 to 250 people.
Where is Proven based?
Proven is headquartered in New York, United States, in the North America region.
How does Proven make money?
One revenue line is on record: ZK Proof of Solvency Services.
Who are Proven's main competitors?
Direct peers on record are Armanino LLP and ChainArgos. Broad incumbents are Chainalysis, Deloitte, KPMG and Coinbase (custody & exchange). Emerging players are TRM Labs, Elliptic, Solidus Labs and Nansen.
Does Proven have an API?
No public API is recorded for Proven.
What industry is Proven in?
Proven's product category is Cryptocurrency Compliance Software. Its primary akta.pro industry code is FSADALAK, Proof of Reserves, Attestations & On-Chain Audit/Assurance, with a secondary code of FSAPAJAA, Smart Contract Auditing & Formal Verification. Its NAICS code is 522320 and its SIC code is 6199.