- Crypto venture firms invest $300+ million in Nym Technologies’ Innovation Fund.
- Investors include Polychain Capital, Huobi Incubator, Eden Block, and KR1, among others.
- Nym’s Innovation Fund focuses on enhancing user privacy in Web3.
A group of crypto venture firms are investing over $300 million in Nym Technologies through its Innovation Fund, aimed at enhancing user privacy in the crypto landscape. Investors include Polychain Capital, Huobi Incubator, Eden Block, and KR1, among others.
The Nym Innovation Fund, an initiative launched last year by Nym Technologies, intends to promote a privacy-centric approach in the emerging Web3 ecosystem. This strategic investment aligns with the company’s commitment to prioritizing anonymity during financial activities and fostering privacy in Web3.
This development comes amidst global regulations that try to protect users from illegal activities such as scams, exploitation, and cyberattacks, among others. According to a report from bug bounty platform Immunefi, the Web3 ecosystem lost $3.9 billion worth of crypto due to fraud, hacks, and scams in 2022.
Harry Halpin, CEO and co-founder of Nym Technologies, emphasized the vital role privacy plays in the success of Web3. He stessed that a decentralized internet must have privacy at its core to avoid replicating the shortcomings of the legacy web.
In an interview with Decrypt last month, Halpin also shared that privacy is crucial for cryptocurrency to enter the mainstream and the importance of supporting privacy-enhancing technologies.
The Nym Innovation Fund is set to kick off its application process in November, with an initial focus on crypto wallets, remote procedure calls (RPCs), and essential resources, tools, infrastructure, and initiatives that can benefit the broader crypto ecosystem.
In a blog posted last year, Nym had already disclosed that it had secured commitments totaling $300 million from reputable backers. Other investors include Andreessen Horowitz (a16z), Greenfield One, Tioga Capital, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, and Lemniscap.
It also mentioned that the fund will be invested in projects related to Privacy Enhanced Infrastructure, Privacy Enhanced Applications, privacy in digital identity systems, AI, NFTs, DeFi, and DAOs.
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