Nym Technologies, a blockchain privacy company, has launched a $300 million funding program to provide capital to initiatives constructing security-focused infrastructure, privacy tools, and services for Web3.
The Nym Innovation Fund will raise capital from venture capitalist investors, such as Polychain, KR1, Huobi Incubator, and Eden Block, and will support initiatives that develop Web3 privacy-focused tools and services.
Harry Halpin, CEO and co-founder of Nym Technologies, stated that privacy remains a vital component in ensuring that a decentralized internet remains censorship-resistant and avoids the pitfalls of Web2:
“This programme will ensure the health of the privacy ecosystem but it will also advance the Web3 industry as a whole, providing mentorship and funding during this difficult macroeconomic climate.”
Halpin said the prospective projects applying for financing could receive investments from Nym’s fund and its venture capital investors.
“Nym will review the applicants and determine if & which ones to go to the investors and then investors will decide of & how much they want to fund.”
The program is scheduled to launch in November 2023, with initial application considerations focusing on Web3 wallets and applications that store private keys that interact with and administer access to DApps.
In addition, the fund will seek to support remote procedure call (RPC) protocols that can retrieve data from a blockchain network or send transactions from DApps, as well as public good services comprising essential resources, tools, infrastructure, and open-source initiatives.
The Num Grants program will provide additional funding opportunities, developer assistance, mentorship, marketing support, community engagement, and operational guidance.
Lior Messika, managing partner of VC firm Eden Block, emphasized the firm’s investment in the Innovation Fund to support builders and entrepreneurs in the Nym ecosystem.
“As the Nym core technology enables a host of applications and disruptive privacy use cases, Eden Block will closely support the Fund’s efforts through selection, advocacy, funding, and more.”
The program will prioritize support for initiatives and services that enhance user privacy, encourage open-source collaboration, and promote community in
