Nym Technologies has announced that it has secured the sum of $300 million from Venture Capital partners for its NYM innovation Fund.
Nym Technologies, which is a Swiss startup that is committed to promoting privacy on the internet, disclosed that with this funding, the company would encourage a pool of developers to build on its existing decentralized infrastructure by giving out grants as necessary.
Nym is known to host a collection of network protocols that gives privacy to individuals while on the internet and also provide privacy protection to apps alongside their connected wallets and cryptocurrencies. This, therefore, implies that applications that are built on top of the Nym infrastructure are positioned for improved third-party privacy services obtained through Virtual Private Network (VPNs) and Tor.
As grant winners of the Nym Innovation Fund begin to emerge, amongst whom are Tails software and Daniel J. Bernstein, who shoulders the responsibility of giving speed to Sphinx – which is Nym’s cryptographic packet format, the company has stated that this very first set of grants is directed at improving internet privacy for the good of all.
According to Harry Halpin, CEO of Nym Technologies, the original design for cryptocurrency is to serve the purpose of protecting the privacy of regular individuals, but the opposite has been witnessed due to the US government giving funds to companies that are not keen on privacy protection.
In a recent post, the company tweeted that at a time when lots of projects are experiencing a dump by their partners, investors in Nym Technologies have chosen to double their commitment size in comparison to the last round of funding. With this rare privilege, the company stated that the funds would go to the most qualified brains across the globe.
More Capital Pumps Into Crypto
The flow of capital into the crypto ecosystem in recent times has become undeniably massive, as the number of Capital Investors who choose to support brilliant projects and crypto start-ups continues to spike.
With this cash inflow, the NYM token which recently got listed on two major Cryptocurrency exchanges, OKX and Huobi, also experienced a surge in price following the funding announcement from Venture Capital partners such as Andreessen Horowitz, Fenbushi Capital, and several others.