Nym Technologies, a Swiss privacy-focused startup, announced that it has received $300 million in commitments from venture capital partners in support of the NYM Innovation Fund. Nym intends to provide grants to developers and encourage them to build on their decentralized infrastructure. This funding comes a few weeks after the native NYM token debuted on several of the largest cryptocurrency exchanges in the market, including OKX and Huobi.
At press time, NYM token is trading at an average price of $0.92, with its 24-hour trading volume seeing an increase since the fund announcement. On the day NYM went public, April 14, the whistleblower was from the National Security Agency Edward Snowden addressed attendees at the token launch event in Paris, where he attributed current privacy issues on the internet to outdated decisions by Computer networks of the 1970s.
Nym hosts Mixnets, or a system of network protocols that hide individuals’ metadata footprints and protect applications and their coins and wallets from mass surveillance. Applications built on top of Nym enhance third-party privacy services offered on virtual private networks (VPNs) and on Tor.
Nym Innovation Fund investors include Andreessen Horowitz, Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, Tayssir Capital, KR1, Lemniscap and new backers OKX Blockdream Ventures.
The Company tweeted that venture capital investors “doubled their support from our previous rounds” for Nym at a time when “everyone is scared of putting VC into projects.”
Early grantees of the Nym Innovation Fund include the Tails software used by Snowden to divulge NSA secrets and university researchers Carmela Troncoso and Daniel J. Bernstein’s privacy-optimized COVID contract tracking system, which is credited with accelerating the Nym cryptopacket format named Sphinx was commissioned. powering both the Lightning Network and Nym.
According to the company, the first round of funding is aimed at “improving data protection on the Internet for the benefit of the general public”. In addition, the Nym Foundation was established, which plans to publish an open call for further applicants and proposals.
The only way to protect privacy in the Metaverse is to take a fully decentralized approach, argues @colinpape https://t.co/fzNP9LP4ym
— Cointelegraph (@Cointelegraph) February 20, 2022
Harry Halpin, CEO of Nym Technologies, stated that the innovation fund “represents a drop in the bucket compared to the endless amounts of money held by corporate interest groups in Silicon Valley and nation states that benefit from mass surveillance. He also exclusively explained to Cointelegraph that the funds will go to the best academics in the world:
“Cryptocurrency originally had a vision to protect the privacy of ordinary people, but US government funding has historically ignored privacy in favor of mass surveillance by the NSA. Until recently, venture capital firms funded intrusive advertising business models from companies like Facebook,” Halpin said.
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