Wall Street veterans raise $15M for proof-of-solvency protocol using ZK technology.
A team of former Jane Street and PIMCO traders have raised $15 million to produce a proof-of-solvency protocol for centralized exchanges, stablecoin issuers and other asset managers in the crypto space, according to a press release from the team shown to Cointelegraph. Called “Proven,” the new protocol allegedly uses zero-knowledge proofs to reveal an institution’s assets and liabilities without revealing the personal data of customers.
Jane Street was also the former employer of Sam Bankman-Fried, who is accused of fraud after the collapse of his crypto exchange, FTX. Proof-of-solvency protocols attempt to make exchanges more transparent in order to avoid another FTX-like disaster.
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