Crypto Privacy Infrastructure Provider Launches $300 Million Innovation Fund

2023-10-25 17:45

Nym Technologies, a company that focuses on the privacy infrastructure of the blockchain ecosystem, has announced a $300 million innovation fund.

There has been a cash crunch in the crypto ecosystem throughout the bear market. But now, as the community anticipates the start of a new bull run, firms are coming up with fresh funds to support the ecosystem.

Nym Fund Aims to Prioritize Privacy Projects 

According to a Nym Technologies press release shared with BeInCrypto, the Innovation Fund will start accepting applications from November 2023. While the fund wants to support the broader ideas, it would prioritize the projects focused on enhancing privacy, encouraging open-source collaboration, and community engagement.

Harry Halpin, CEO and co-founder of Nym Technologies, said:

“Web3 will only succeed as the future of the internet if privacy exists. A new, better, decentralized internet free from monopoly and censorship needs privacy at its very core, or it will replicate the faults of the legacy web.”

Read more: Top Web3 Privacy Challenges and How to Overcome Them

The Innovation Fund is backed by investors such as Polychain, KR1, Huobi Incubator, Eden Block, and others. The fresh funds are a relief for the broader crypto market that was going through funding woes due to the bear market. 

Earlier this month, BeInCrypto reported that the crypto funding was down 63% in Q3 2023 compared to Q3 2022. Also, some companies had to shut down their operations or layoff their staff to sustain during the bear market

Along with the Nym Innovation Fund, the well-known crypto venture capitalist (VC) Blockchain Capital raised $580 million for its two new venture funds.

Quarterly global crypto Venture funding. Source: PitchBook/Bloomberg

Do you have anything to say about the Nym Innovation Fund or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Crypto Privacy Infrastructure Provider Launches $300 Million Innovation Fund appeared first on BeInCrypto.

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