Crypto VC Firms Invest $300M in Nym Technologies

Through its Innovation Fund, crypto venture capital firms have committed more than $300 million to privacy technology developer Nym Technologies, developers announced today.

The fund will provide capital to crypto builders, developers, and communities with an emphasis on privacy to prioritize the anonymity of users during financial transactions.

Among others, investors such as Polychain, KR1, Huobi Incubator, and Eden Block have made commitments.

“Web3 will only succeed as the future of the internet if privacy exists,” said Harry Halpin, CEO and co-founder of Nym Technologies.

“Privacy must be at the core of a new, better, decentralized internet that is free from monopoly and censorship; otherwise, it will replicate the flaws of the legacy web.”

“The Nym Innovation Fund is intended to give life to innovative ideas that make Web3 privacy a reality.”

This will ensure the health of the privacy ecosystem while also advancing the Web3 industry as a whole by providing mentorship and funding in this challenging macroeconomic climate,” Halpin said.

In November, the program will begin accepting applications, emphasizing crypto wallets, remote procedure calls (RPCs), and essential resources, tools, infrastructure, and initiatives that benefit the broader ecosystem and are available as open-source projects.

Applicants may come from any category, including the gaming industry.

A decentralized application (dapp) integrated with the Nym network can use RPCs to retrieve data from a blockchain network or send transactions to a blockchain network.