Nym Technologies, a European privacy-focused startup has raised $13 Million from industry investors in its 3rd investment round.
a16z and Other Invest in Nym
A press release that was shared with CryptoPotato stated that the recently concluded investment round was led, according to Andreessen Horowitz, a leasing Silicon Valley firm (a16z).
Nym stated that the new cash injection will be used for expanding its community and adding a dedicated project team right before the launch its decentralized mixnet mainnet.
Ali Yahy (General Partner at Andreessen Horowitz) spoke out about the most recent funding.
“Nym’s network level technology is vital for any blockchain that seeks to provide privacy for its users. Its clever incentive structures also set it apart. Nym’s mixnet engineers and researchers may be the best ever assembled. Their role in this space will grow as more people seek online privacy.
Other notable investors included Taysir Capital and Huobi Ventures. Hashkey and Fenbushi also participated in the round.
The fundraise was noted by the firm as evidence of mainstream venture capital firms’ growing interest in privacy solutions. This is following the hiring of Chelsea Manning (the famous U.S whistleblower) as a security auditor.
Harry Halpin, CEO of NYM, explained that Nym is very fortunate to have the support of some of the most prominent venture capitalists in order to end mass surveillance. Building a working mixnet is the key to privacy on the internet scale. This has been the missing piece in a puzzle that dates back to the birth of Bitcoin.
Defeating State-Level Mass Surveillance
The Nym mixnet, a component of the NYM system that is decentralized and innovative, is called the Nym mixnet. This innovative technology is capable of allegedly defeating nation-state-level mass surveillance.
Mixnet achieves this feat by combining packets through a series decentralized nodes, adding dummy traffic when necessary, and mixing them in a network of decentralized nodes. Nym stated that it will roll out NYM Tokenomics, stress-test the infrastructure, and schedule the mainnet launch date.
Marla Brooks – Financial Analysis
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