Nym Technologies Launches $300M Funding Program to Boost Web3 Privacy-Centric Projects
Summary:
Nym Technologies, a blockchain privacy firm, has initiated a $300 million funding program to aid projects developing security-based infrastructure. Supported by venture capitalist investors like Polychain, KR1, Huobi Incubator, and Eden Block, the fund will mainly focus on backing projects for Web3 privacy-centric tools and services. The program, set to begin in November 2023, will prioritize Web3 wallets and apps, remote procedure call protocols, and open-source public good services. The launch also coincides with the introduction of the Nym Grants program, offering more funding opportunities and various forms of support.
In a bid to boost the development of security-based infrastructure, blockchain privacy firm Nym Technologies has initiated a funding program worth $300 million. The financial backing will come from the Nym Innovation Fund, which pools resources from leading venture capitalist investors including Polychain, KR1, Huobi Incubator, and Eden Block. The focus will primarily be on backing projects that design privacy-centric tools and services for Web3.
Harry Halpin, CEO and co-founder of Nym Technologies, marked privacy as a vital element in maintaining a decentralized internet, resistant to censorship and immune to the shortcomings of Web2. Halpin believes that the program’s financial and mentorship support will solidify the privacy landscape and further enhance the Web3 industry at this economically challenging time.
Halpin further explained to Cointelegraph that the planned projects applying for this funding could benefit from investments both from Nym’s fund and its venture capitalist investors. Evaluation of applicants will be done by Nym, subsequently directing the chosen projects to the investors for final funding decisions.
Scheduled to kick off in November 2023, the funding program will primarily consider applications related to Web3 wallets and apps capable of storing private keys. These keys enable interaction and management of access to decentralized applications or DApps. Furthermore, the fund will support remote procedure call (RPCs) protocols, which can extract data from a blockchain network or facilitate DApp transactions. Public good services that offer crucial resources, tools, infrastructure, and open-source projects will also receive aid.
Coinciding with the launch of the Innovation Fund, the Nym Grants program will also be introduced. This additional initiative will offer more funding avenues alongside developer support, mentorship, marketing assistance, community involvement, and operational guidance.
Eden Block Managing Partner of VC, Lior Messika, stressed their commitment as an investor in the Innovation Fund. The aim is to prop up builders and entrepreneurs within the Nym ecosystem. Eden Block will intensively back the Fund's missions via selection, endorsement, capital injection, and more. The program will primarily back projects and services that amplify user privacy, foster open-source cooperation, and incite community participation.
Published At
10/24/2023 12:59:53 PM
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