Nym Technologies, a Privacy-centric startup, received $300 million in funding on 4th May from a number of venture capitalists, incentivizing developers to integrate Nym’s decentralised infrastructure into its ecosystem. Nym Technologies aims to develop infrastructure that leverages blockchain technology to mix packets to prevent data leaks and provide individuals with the best possible privacy, as several blockchain protocols suffer from sensitive data leaking across networks and applications today.
Nym Technologies has already raised $21.5 million in three rounds of fundraising. Their most recent funding, valued at $13 million, was received on November 17, 2021, as part of a Series A led by a16z.
The funds received will be used to establish the Nym Foundation, to fund research on hybrid networks and privacy-enhancing technologies, and to provide grants to developers. Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Tayssir Capital, KR1, Andreessen Horowitz, Lemniscap, new backer OKX Blockdream, Fenbushi Capital and Tayssir Capital, Ventures are among those who have invested.
According to Nym CEO Harry Halpin, funding for the initiative spans from $50,000 to several million dollars, and he continues to add:
“Cryptocurrency originally had a vision of defending the privacy of ordinary people, but U.S. government funding has historically ignored privacy in favor of NSA mass surveillance. Up until recently, VCs have funded privacy-invasive advertising business models by companies like Facebook.”
