The Venture Codex

Participated · Equity · Feb 2022

Ruby Protocol is a cross-chain, privacy-first protocol stack powered by Polkadot that uses Functional Encryption (FE) cryptography to enable modular data privacy and ownership. Its FE Substrate-pallet provides privacy building blocks for smart-contract DApps on the native Ruby platform and privacy infrastructure for parachains and Web3 dApps across the Polkadot ecosystem, including DeFi, NFTs, social dApps and GameFi. The protocol allows sensitive data to be encrypted on-chain and decrypted only by holders of approved private keys, enabling privacy-first smart contract workflows. Ruby plans to deploy on Polkadot via a parachain loan offering and to launch a $RUBY native utility token in the latter half of 2022 for staking, node deposits, governance, and payments. The team intends to use the $7.3M raised to accelerate core layer-1 blockchain and privacy-middleware development, expand research into decentralized applications and use cases, and grow the development and ecosystem teams. Founded in 2020 by Suhas Hegde, Beni Issembert and Y-Combinator alumnus Tyler Gellatly, the company is registered in Singapore and maintains a distributed global team.