2021-11-19 22:53 |
Nym Technologies, the next generation of privacy infrastructure startup based in Europe, announced today it has successfully closed its third investment round, raising $13 million.
The Funding round that Andreessen Horowitz led saw numerous key investors share in the course. These investors included Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey, and Fenbushi. The funding follows a recent funding round that was led by Polychain and the recent hire of Chelsea Manning as a security auditor. The funding also comes as the platform plans to launch its mainnet Mixnet technology. Notably, the new funding will expand its community and add to its dedicated product team.
While commenting on the partnership, Per Harry Halpin, CEO of Nym, stated:
“We at Nym are very lucky, as it’s historically unprecedented to see support from the best venture capitalists to stop mass surveillance. To make privacy real on the scale of the entire internet, building a real-world working mixnet has long been the missing piece of a puzzle that predates even the origin of Bitcoin.”
The Nym network is a decentralized and tokenized infrastructure that harnesses its network layer to provide holistic privacy. Nym Technology seeks to build the next generation of privacy infrastructure. The platform aims to create a solution to prevent the leaking of sensitive data by protecting even packet metadata at the network and application layers. This is done through its revolutionary decentralized mixnet that reportedly beats nation-state-level mass surveillance.
Nym is tasked with the mission of establishing privacy as default for online communications. The platform believes only then will people and organizations make meaningful and secure decisions of what, when, and who they can share their data with.
The NYM token decentralizes the system through proof-of-stake at the heart of the Nym network. The token allows the functioning of the system through distributing rewards in exchange for provisioning privacy-enhanced communication.
Ali Yahya, the General Partner at Andreessen Horowitz, added:
“Nym’s network-level technology is essential for any blockchain that strives to offer privacy for its users, and its clever incentive structures set it apart from other solutions. Nym’s team may be the most advanced group of mixnet researchers and engineers ever assembled. As demand for online privacy continues to grow, their role in the space will become ever-more important.”
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