Zama is an open-source cryptography company based in Paris that builds Fully Homomorphic Encryption (FHE) technology for public blockchains and AI. Its Zama Protocol, also called the Confidential Blockchain Protocol, lets assets be issued, traded and managed confidentially on public blockchains such as Ethereum while keeping full public verifiability and programmable compliance. Its products include confidential tokens (cUSDC and cUSDT), confidential vaults, a confidential swap protocol and the ERC-7984 confidential token standard with an SDK.

Zama's customers and partners include Morpho (confidential USDC vaults via Steakhouse USDC Prime), T-REX Ledger for real-world asset tokenization, Bron (confidential payroll on Ethereum mainnet), Raycash, Blockscout and GSR (the first confidential OTC trade on Ethereum mainnet). The company has also partnered with OpenZeppelin, Conduit, Elliptic, Hypernative, Dfns and InfStones, and formed the Zaiffer joint venture with Pyratzlabs. Zama acquired KKRT Labs in November 2025.

Zama reports 3,000+ developers in its community, a team of 119 people (37 PhDs, 26 nationalities), and a public token auction in January 2026 that drew $118M. Its ZAMA token launched on Solana in September 2026 and is listed on Revolut in the EEA. Confidential DeFi shielded TVL reached about $100M in October 2026.