Privacy Startup Nym Pulls $300M to Fund New Tech Initiatives

Nym Technologies, a blockchain-based privacy infrastructure provider has announced it has raised the sum of $300 million to fund new privacy-focused tech initiatives. 

As contained in a Press Release, the funding for the Nym technologies initiatives came from prominent investors in the digital currency ecosystem including Huobi Incubator, Tioga Capital, Polychain, Greenfield One, Eden Block, NGC Ventures, Fenbushi Capital, OKX Blockdream Ventures, Haskey Capital, Figment, Tayssir Capital, a16z crypto, KR1, and Lemniscap.

“While this fund may seem large, it’s a drop in the ocean compared to the endless amounts of cash possessed by vested interests at Silicon Valley companies and nation-states that benefit from mass surveillance,” said Harry Halpin, the Chief Executive Officer of Nym Technologies. “However, we’re going to fight the good fight and the odds may not be as impossible as they seem. We have new partners that are waiting in the wings to join the fund that we can’t even announce in this initial fund. I’m just thrilled that developers now can finally get paid for building privacy-enhancing technologies.

Inaugural Beneficiaries from the Nym Technologies Initiative

The funding from Nym technologies follows the $13 million pulled back in November last year. Per the announcement, the initiative will be starting off with the funding of four innovators including Carmela Troncoso, Daniel J. Bernstein, Tails, and Nymbox respectively.

Carmela Troncoso is a known innovator and an engineering and mixnet expert who co-invented the privacy-enhanced COVID contract tracing DP3T framework. Bernstein’s reputation also precedes him as he is known for inventing several high-speed contemporary crypto primitives. He was also embroiled in a lawsuit against the US Government arguing whether “code is free speech.”

Tails is a software that got popular when renowned whistleblower Edward Snowden used it to leak confidential information from the NSA. The Tails software features very high levels of privacy and security and incorporates Tor and the Electrum wallet.

The fourth project to be bootstrapped is the Nymbox project which is branded as a community-driven OpenWRT package of the Nym gateway software.

Investors considered the innovative technology that Nym Technologies represent and the pivotal demand in privacy-focused Web3.0 projects in the crypto ecosystem today.

“I’ve been having some really interesting conversations with a bunch of scientists and builders about what could potentially be built on top of Nym. Knowing the ins and outs of the technology and the infrastructure Nym is creating has always kept me super interested in the possible applications powered by NYM. Basically, timing could not have been better,” said Lior Messika, Founder and Managing Partner at Eden Block.