Nym Technologies, a Swiss privacy startup that protects online activity from surveillance using a mixnet, today unveiled a new $300 million fund to attract investors, developers into the platform’s ecosystem.
According to an announcement shared exclusively with The Block, Nym has successfully raised $300 million from a range of well-known investment funds including Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1, Lemniscap and Andreessen Horowitz (a16z) to launch The Nym Innovation fund to attract developers to the platform’s ecosystem.
According to Nym CEO Harry Halpin, grants under the program will range from about $50,000 to several million dollars. Although Nym did not receive the full $300 million upfront, the company instead plans to fulfill the commitments it received as needed.
“We wanted to encourage open source and decentralized developers who we didn’t know to start building on this network,” Halpin said in an interview with The Block.
In addition, CEO Harry Halpin also shared that the $300 million in developer funds will be boosted over time by allocating NYM tokens from the company’s coffers as they begin to unlock. Indeed, the first NYM grant was made this way and distributed a few weeks ago.
Nym’s platform has a wide range of use cases, not all of which are crypto. They can, for example, be used by the messaging app Signal to scramble packets connected to the communication. The company raised $13 million in a round led by a16z last November, raising the company’s valuation to $270 million.
The launch of the Nym Innovation Fund comes just weeks after Nym launched its token on several exchanges including OKX and Huobi. Privacy advocate Edward Snowden speaks at the launch event.