Nym Technologies raises $300 million to develop its ecosystem

The privacy-focused project Nym has raised $300 million from a number of venture firms into a fund focused on financing ecosystem developers. The Block reports.

The team was backed by Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1, Lemniscap, and a16z.

The Nym Foundation will allocate funding as needed. Grants will range from $50 000 to ‘several million dollars’. Applications will begin in May 2022.

“$300 million is a drop in the ocean compared with the endless sums enjoyed by influential circles in Silicon Valley and nation-states that profit from mass surveillance.”, said Harry Halpin, CEO of the project.

Founded in 2018, Nym provides infrastructure for protecting personal data privacy. The nodes of the decentralized open-source platform (mixnet) ‘mix’ users’ traffic, preventing metadata disclosure. They receive compensation in native NYM tokens.

The platform has a potentially wide range of use cases, including outside the cryptocurrency industry.

The launch of the developer fund came a few weeks after NYM’s listing on several major Bitcoin exchanges.

The news sent the native token higher by as much as 40%. By the time of writing, gains had cooled to 29.2%. With a market capitalization of $58 million, the asset ranks 530th in CoinGecko’s standings.

It is expected that as the NYM treasury unlocks, the tokens will replenish the ecosystem-support fund.

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

In August, WikiLeaks source Chelsea Manning joined Nym Technologies as a security advisor.

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