Ruby, a cross-chain, privacy-first protocol for Web3, closed a $7.3m funding round.
Backers included Digital Strategies, DFG Group, SigNum Capital, D1 Ventures, Global Coin Research, Ocean Foundation, DWeb3 Capital, Maverick Global Ventures, Bruce Pon (Ocean Protocol), Yoon Kim (TRGC), and Charles Read (Rarestone Capital) as angel investors.
The company intends to use the funds to, accelerate core development of the layer-1 blockchain and privacy-middleware, expand research into new decentralized applications, expanded use cases, and team expansion across development and ecosystem growth.
Founded by blockchain industry veterans Suhas Hegde and Beni Issembert, and Y-Combinator alumnus Tyler Gellatly in 2020, Ruby Protocol is a cross-chain, privacy-first protocol stack, powered by Polkadot. The Ruby protocol utilizes Functional Encryption (FE) cryptography, which allows users to adopt a modular approach to data privacy and ownership. Sensitive data can be encrypted on-chain, and only decrypted by holders of an approved private key.
Ruby’s FE Substrate-pallet will serve as the building blocks for privacy-first smart contract DApps building on the native Ruby platform, while also acting as privacy infrastructure for Parachains and Web3 dApps across the Polkadot ecosystem, including DeFi, NFTs, Social dApps, and GameFi.
This year, the project plans to deploy on Polkadot via a parachain loan offering, enabling Ruby to interact with other networks as a parallel chain within the Polkadot ecosystem. $RUBY, the native utility token of Ruby Protocol is set for release in the latter half of 2022 and will be used for staking and deposits in order to run nodes on the network, as well as protocol governance, and as the method of payment for transactions across the network.
Ruby has designed a smart contract platform with plans to launch on Polkadot that will enable individuals to gain more ownership of their private data and control how it is used.
The team is distributed globally but the company is registered in Singapore.
FinSMEs
09/02/2022
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