Description
Ruby Protocol is an intent-centric chain abstraction layer for Web3 and a privacy-first layer 1 blockchain, building a scalable, interoperable, and privacy-preserving infrastructure. It brings encryption solutions to the Web3 ecosystem for users to have greater control and privacy over their data, through its novel functional encryption cryptography. Their services include Account Abstraction (AA) through Ruby One, a user-friendly, non-custodial wallet secured by MPC technology; Assets Bridge (AB) via Ruby Connect, which ensures private crypto transactions; and Access Control (AC) with the Ruby SDK, empowering developers to integrate privacy and access-control features into their products. The protocol is fully integrated with LayerZero, enabling omnichain functionality for dApps and assets. This integration aims to reduce fragmentation and transition the Web3 space towards an intent-centric future. Use cases include private on-chain payments, secure asset management, encrypted off-chain data storage, ZK proof of KYC, and NFT/DID-gated access. The company recently closed a $7.3 million funding round led by leading venture capitalists and angel investors. With this capital, Ruby intends to meet the privacy needs of users across transactions, smart contracts, and the broader Web3 space in a single protocol.