Blockchain privacy company Nym Technologies has launched a $300 million financing program to fund projects building security-focused infrastructure.
The Nym Innovation Fund will attract funding from venture capitalists including Polychain, KR1, Huobi Incubator and Eden Block, and will focus on projects building Web3 privacy-focused tools and services.
Harry Halpin, CEO and co-founder of Nym Technologies, said privacy remains a core element in ensuring that the decentralized web resists censorship and avoids the pitfalls of Web2:
“This program will ensure the health of the privacy ecosystem while also driving growth across the Web3 industry, providing guidance and funding in the current difficult macroeconomic environment.”
Halpin told Cointelegraph that potential projects applying for funding could receive investment from Nym’s funds as well as directly from its venture capital backers:
“Nym will review applicants and determine if and what funds will be made available to investors, who will then decide how much they want to fund.”
The program will begin in November 2023, and initial consideration of applications will focus on Web3 wallets and applications that store private keys that can interact with and manage access to decentralized applications DApps.
The fund will also seek to support remote procedure call (RPC) protocols that can retrieve data from blockchain networks or send transactions from DApps, as well as public services, including essential resources, tools, infrastructure and initiatives exposed as open source project.
Related: How to strike a balance between blockchain transparency and privacy: Nansen CEO
Launched in conjunction with the Innovation Fund, the Num Grants program will provide further funding opportunities, developer assistance, mentorship, marketing support, community engagement and operational guidance.
VC Lior Messika, Managing Partner of Eden Block, highlighted the firm’s support as an investor in innovative funds to support builders and entrepreneurs within the Nym ecosystem.
“Because Nym’s core technology supports a large number of applications and disruptive privacy use cases, Eden Block will closely support the work of the fund through selection, promotion, funding, etc.”
The program will prioritize projects and services that enhance user privacy and encourage open source collaboration and community engagement.
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