Below is TrueFi’s investment memo for Accountable, a privacy-focused data verification platform recently backed by Pantera Capital and other leading investors. Accountable enables institutions to prove solvency and risk exposure in real time without revealing sensitive information. This focus is closely aligned with TrueFi’s long-term vision for transparent and verifiable credit markets.
This memo takes a more qualitative and strategic approach than our typical investment analyses. Because this forum is public, we cannot share detailed financial information, but Accountable’s recent $7.5 million raise, following a $2.3 million round at the end of 2024, reflects meaningful traction and growing institutional confidence. Our participation represents both a financial opportunity and a strategic alignment with a partner that is building complementary infrastructure for on-chain credit.
Accountable Capital
Executive Summary
Accountable is building a privacy-focused financial data verification platform that enables lenders and borrowers to prove solvency and risk exposure in real time without sharing sensitive details. Founded in 2024 and headquartered in the BVI with operations in the Netherlands, the company integrates across 30 blockchains, multiple custodians, and leading exchanges. Its long-term ambition is to become the “trust layer” for digital finance, spanning institutional verification, proof-of-reserves solutions, and a yield marketplace for investors.
TrueFi is investing $20,000 in Accountable as part of its $7.5 million SAFE round, led by Pantera Capital with participation from OKX Ventures, Onigiri VC, KPK, and Auros. The investment includes token half-warrants, providing exposure to future upside. Accountable is revenue positive, with a live lending marketplace on Monad’s testnet and several institutional programs underway.
The company is addressing one of the most persistent structural bottlenecks in digital asset credit markets: the inability to verify financial health and collateralization in a secure, privacy-preserving, and regulatorily acceptable manner. The need for this kind of infrastructure became clear in the aftermath of the last credit cycle, when the collapse of firms like FTX, Celcius, and Three Arrows Capital exposed the fragility of opaque balance sheets and unchecked counterparty risk. For TrueFi, this investment represents both a financial opportunity and a strategic alignment with a team that is helping rebuild institutional trust in digital lending. Accountable’s vision closely complements TrueFi’s own mission to bring transparency and credibility to on-chain credit.
Company Overview & Business Model
Accountable is positioning itself as a real-time financial verification platform built for privacy and trust. Its core offering, the Data Verification Network (DVN), enables institutions to generate cryptographic attestations of assets, liabilities, exposures, and reserve holdings without disclosing sensitive underlying data. These attestations can be consumed by third parties (lenders, exchanges, counterparty services) to validate financial health in a privacy-preserving manner.
V1 has been deployed to support peer-to-peer verification between connected accounts—exchanges, custodians, wallets, trading systems—with proofs that preserve confidentiality of transaction-level detail. The system supports modular use: clients can choose which variables (collateral, liquidity, exposure) to share, and when. Accountable also offers Proof of Solvency modules for exchanges, lending desks, or stablecoin issuers, enabling continuous reserve attestations without exposing private keys or internal ledgers. V2 will extend this foundation into a comprehensive lending and risk management hub, offering portfolio analytics, concentration metrics, alerts, and settlement infrastructure.
As part of its stack, Accountable operates YieldApp, a marketplace in which yield opportunities are surfaced only after their underlying financial data is verified via DVN, ensuring that investors see live, provable yield sources.
Ultimately, it aspires to become a transparent infrastructure layer — a hub where institutions transact, verify, and manage counterparty risk with built-in privacy and trust.
Go-to-Market Strategy
Accountable’s initial focus is on institutional adoption. Target clients include market makers, exchanges, stablecoin issuers, and lending desks seeking continuous proof of solvency and risk exposure. Early integrations include Galaxy, Amber Group, and K3 Capital, among others. These relationships are designed to anchor usage and drive network effects across adjacent counterparties.
Once institutional adoption is established, the firm plans to expand YieldApp to qualified retail or accredited investors. In this model, yield providers must be “DVN verified,” creating organic pull for the verification product. Over time, the company will layer premium analytics, alerting, and integrations as value-add modules, improving retention and upsell potential.
Network effects are core to Accountable’s defensibility. As more institutions adopt DVN, transparency becomes table stakes, and opacity becomes a liability. At scale, the platform shifts from being a “nice-to-have” to a “need-to-have” in digital credit markets.
Market Context
The digital asset lending space remains nascent, fragmented, and largely overcollateralized, constraining credit expansion. On-chain lending protocols (e.g., Aave, Maker) currently hold ~$75B in TVL, but those are primarily overcollateralized models. Meanwhile, centralized borrowing desks and private bilateral lending remain meaningful yet opaque. For example, Galaxy’s reported loan book has averaged $1.3B in 2025 and Maple Finance has $5B outstanding in its book. Galaxy estimates that total crypto-collateralized lending stood at approximately $53.1B in Q2-2025. CeFi loans represented about $18B of that figure.
However, the market opportunity for verifiable infrastructure is more constrained than the full lending market. The immediate addressable segment is institutions requiring cryptographic proofs of reserve, solvency, and counterparty health. Realistically, in the next 3–5 years, Accountable might target a TAM in the range of $100M to $1B of institutional verification expenditure, plus transaction fees in its marketplace, depending on the extent of penetration into the stablecoin market and RWA growth on-chain. We acknowledge the wide range here, but there are many potential paths for on-chain credit markets.
Key growth levers include:
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Regulatory pressure: As financial regulators and auditors demand stronger proof frameworks (e.g. MiCA, Basel, FATF), cryptographic verification becomes a compliance tool.
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Institutional entry into crypto: Traditional financial institutions will increasingly demand trust and auditability in crypto deployment.
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Transparency demands after failures: Past collapses (e.g. CeFi downturns) intensify demand for continuous verification.
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Network effects: As more counterparties adopt DVN, the value of joining increases.
Risks to this market thesis include regulatory friction (can zero-knowledge proofs satisfy future audit standards?), slow enterprise adoption, and competitive responses from incumbents.
Founders and Team
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Wojtek Pawlowski, CEO & Co-Founder: Formerly led the credit division at Maven 11, managing more than $800 million in issued loans. His experience with financial fraud at Orthogonal Trading, where falsified statements led to a $36 million loss, provided the direct inspiration for Accountable.
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Ioan Moldovan, CTO & Co-Founder: Previously co-founded Weavechain, which Accountable acquired to build its cryptographic infrastructure. He has deep experience in verifiable credentials, ZKPs, MPC, and risk systems, with prior roles at TORA and Caspian.
Together, the team combines credit market experience and technical depth, though both are first-time founders.
Financials and Valuation
While Accountable’s detailed financials are not public and therefore cannot be disclosed in an open forum, recent funding milestones provide a strong signal of the company’s accelerating growth and improving fundamentals.
At the end of 2024, Accountable raised $2.3 million in a round led by Zee Prime. Less than a year later, the company successfully closed a $7.5 million round at a meaningfully higher valuation, led by Pantera Capital. This rapid progression in valuation and capital commitments reflects growing confidence in the company’s trajectory and commercial traction.
From TrueFi’s perspective, this investment is primarily strategic rather than purely financial. Accountable’s technology aligns closely with TrueFi’s mission to create transparent and verifiable lending infrastructure. We see near-term opportunities to explore integration between TrueFi’s credit protocol and Accountable’s verification systems, enabling both platforms to enhance transparency, risk management, and institutional credibility.
While we believe this investment will yield a substantial financial return, its greater value lies in strategic alignment of deepening TrueFi’s relationships with emerging credit infrastructure projects that share our vision for verifiable on-chain finance. We anticipate being able to leverage our relationship into business development opportunities with borrowers and lenders who are also advocates for transparency.
Business Quality and Differentiation
Revenue Model
Expected revenue sources include subscription fees for verification services, transaction fees from the lending marketplace, enterprise licensing, and compliance-as-a-service. This diversified model could be attractive over time, but near-term revenues will likely depend on a small number of enterprise clients.
Competitive Landscape
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DeFi Lending Protocols (Aave, Morpho, Spark): Compete indirectly by facilitating credit markets but are capital inefficient.
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Credit Assessment Platforms (Credora, Synnax): Offer borrower scoring, but often opaque, not privacy-preserving, and not real time.
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Proof-of-Reserve Tools (Chainlink): Provide collateral data, but typically on-chain only and not comprehensive of off-chain exposures.
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Loan Management Systems (Membrane, Merklebase): Focused on settlement and reporting, not cryptographic verification.
Accountable combines cryptographic privacy (via ZKPs and zkTLS) with live financial verification and an integrated lending marketplace. Its value lies in real-time, privacy-preserving, cross-chain verification and breadth of integration. With over $1B in verified assets and backing from top-tier investors, momentum and credibility already create a soft moat.
The project’s defensibility will stem from distribution (early integrations with large counterparties), trust (data integrity and regulatory acceptance), and workflow embedding (making DVN indispensable once integrated).
Deal Details
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Raise: $7.5 million SAFE with token half-warrants
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Lead: Pantera
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Syndicate: OKX Ventures, Onigiri VC, kpk and Auros
Our $20,000 check size provides strategic exposure without overcommitting DAO capital.
Risks and Mitigants
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Market Adoption: Institutions may remain cautious; mitigated by pilots with high-profile clients and Pantera’s lead validation.
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Regulatory Ambiguity: ZK proofs’ legal recognition remains evolving; Accountable is engaging auditors and regulators early.
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Execution Complexity: Scaling integrations is non-trivial; recent funding ensures resources to expand the technical team.
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Token Uncertainty: Warrants lack finalized terms; treated as optional upside.
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Key Person Risk: Mitigated in part by Maven 11’s continued involvement and institutional governance structure.
Conclusion
Accountable is developing foundational infrastructure for digital asset credit markets at a time when transparency, solvency, and compliance are becoming non-negotiable. The company’s momentum, technical capability, and institutional partnerships make it a credible leader in verifiable finance.
For TrueFi, this investment is strategic as much as financial. It represents a step toward closer collaboration with a team that shares our commitment to privacy-preserving transparency and verifiable credit markets. We see long-term potential for product integration, co-development, and shared adoption across institutional users.
While the upside potential is significant, the true value lies in alignment. By partnering with one of the most innovative verification networks in crypto, we’ve firmly positioned TrueFi to reclaim its place among the best protocols in the space.
This collaboration isn’t just about growth — it’s about rebuilding strength, trust, and innovation at the core of TrueFi. Together, we’re setting the stage to make TrueFi great again.