Blockchain-driven privacy web startup Nym Technology raised $ 13 million in a funding round valued at approximately $ 270 million.
The round was led by venture capitalist Andresen Horowitz (a16z Crypto) with Grayscale’s parent company Digital Currency Group, Huobi Ventures, Fenbushi Capital, HashKey, Tayssir Capital and more than two dozen other participants.
Nym aims to be the best fit for the “Bitcoin and Layer 2 solution” and even integrates its technology with protocols such as Lightning Networks, Nym CEO Harry Halpin said in an interview.
The new capital will be used for new recruits as Nym aims to expand its eight-member team to about 4x. It has already hired Chelsea Manning, a former U.S. military intelligence analyst and whistleblower, who leaked thousands of classified documents using privacy software Tor.
Meanwhile, Nym co-founder George Denezis rejoined the project last month after leaving the project to help design Facebook’s digital currency Libra (rebranded Dime). His other company, Chainspace, which he co-founded, was also acquired by the social media giant.
From next year, Nym plans to grant grants to independent third-party developers.
Just four months ago, Polychen Capital led a 6.5 million investment in Nym, and before that, in 2019, Binance led a বিনিয়োগ 2.5 million seed investment in VC Arm Privacy startup.
“Encryption is becoming an incredibly important component of the Internet today, and Nym provides privacy at a very low level as a basis for other personal solutions built on top,” he said. Andreien Horowitz’s general partner Ali Yahya said.
Make privacy a reality on the entire Internet
The three-year-old Swiss-based company uses MixNet, where node operators are rewarded with tokens for mixing Internet traffic, making it difficult for opponents to obtain information at the highest levels, including national-level public surveillance, such as the NSA.
Nym also offers privacy certificate services to allow users access to only part of their activity if necessary without disclosing their identity.
Currently operating in test mode, Nym has about 5,000 nodes and 30 validators, with plans to go live at full capacity by the end of this year.
Just last week, the team released a desktop wallet for node operators promising their tokens to join the Nym network. In return, they earn more tokens based on their quantity and quality of work to mix internet traffic. It ensures quality of service while encouraging miners to do better.
According to Halpin, these economic incentives, along with the potential of Mixnet, will help Nym “make privacy a reality on the scale of the entire Internet.”
In addition to the wallet, Nym Network has released open-source code for the world’s first Mixnet Explorer, which defines it as an essential tool for decentralized quality control and security monitoring.
In addition, Nym’s tokenics are fully coded and placed in TestNet Millhan, Says The team during its weekly developer update.