NYM token price surged as Swiss privacy startup Nym Technologies announces a successful funding round of $300 million. The company aims to finance the development of privacy-enhancing technologies.
Swiss privacy startup Nym Technologies announced it has secured $300 million in commitments from venture capital partners in support of the NYM Innovation Fund. Nym intends to issue grants to developers and incentivize them to build on top of Nym's decentralized infrastructure. This funding comes a couple of weeks after its native token NYM launched on major crypto exchanges, including OKX and Huobi.at an average price of $0.
Nym hosts mixnets, or systems of network protocols that obscure individuals' metadata footprints and protects applications, as well as their coins and wallets, against mass surveillance. Applications built on Nym work to improve upon third-party privacy services offered on virtual private networks and Tor.
Among the first grant winners for Nym Innovation Fund are the Tails software, used by Snowden to leak NSA secrets, as well as university researcher Carmela Troncoso's privacy-enhanced COVID contract tracing system and Daniel J. Bernstein, tasked with speeding up Nym's cryptographic packet format called Sphinx that powers bothThe first round of grants aims to"improve privacy on the Internet for the common good," according to the company.
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