Nym Technologies launches $300 million fund with backing from a16z

Nym Technologies, a provider of privacy-oriented blockchain infrastructure, has launched the Innovation Fund programme aimed at supporting Web3-developers.

The initiative announced in May 2022 was supported by major venture firms, including Andreessen Horowitz (a16z), Polychain Capital, Greenfield, Huobi Incubator, Eden Block, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, KR1 and Lemniscap.

Investors have committed a total of $300 million through direct investments.

«We believe that ordinary developers who are not privacy experts should have an easy way to integrate with Nym. Any project with zero disclosure definitely should do this», said the company’s chief executive, Harry Halpin.

Any crypto startup can receive support from the Innovation Fund, but priority is given to open-source projects that aim to enhance user privacy.

The company is currently seeking teams working on crypto-wallets, RPC and ‘Nym ecosystem services that are useful’. Grants will range from $50,000 to several million dollars. Applications began as early as November last year.

Founded in 2018, the startup Nym provides infrastructure to ensure personal data privacy. The nodes of the decentralized open-source platform (a mixnet) ‘mix’ users’ traffic, preventing metadata disclosure. For this, they are rewarded in the native NYM tokens.

As of writing, the coin is trading at $0.122, up 15% over the past 24 hours on the news of the fund launch.

In November 2021, Nym Technologies raised $13 million from a16z and other investors at a $270 million valuation.

Later, the project welcomed WikiLeaks informant Chelsea Manning as a security adviser.