Privacy-focused project Nym has raised $300 million from a number of venture capital firms in a fund focused on funding ecosystem developers. Blok writes about it.

The team is supported by Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1, Lemniscap and a16z.

The Nym Foundation will distribute the funds as needed. Grants will range from $50,000 to “several million dollars”. Applications will begin in May 2022.

“$300 million is a drop in the bucket compared to the nation-states in Silicon Valley that enjoy endless amounts of power and mass surveillance.”– said Harry Halpin, CEO of the project.

Founded in 2018, Nym provides the infrastructure to ensure the privacy of personal data. Nodes of an open-source decentralized platform (mixnet) “scramble” user traffic, excluding metadata disclosure. For this they are rewarded with local NYM tokens.

The platform has a potentially wide range of uses, including those outside of the cryptocurrency industry.

The launch of the developer support fund comes weeks after NYM was listed on a number of major bitcoin exchanges.

The news led to the active growth of the native token of up to 40%. At the time of writing, the speed dropped to 29.2%. With a capitalization of $58 million, the asset ranks 530th in the CoinGecko rating.

It is assumed that the tokens will fill the ecosystem support fund as the NYM Treasury is unlocked.

Recall that in November 2021, the startup raised $13 million from a16z and other investors at a valuation of $270 million.

In August, WikiLeaks whistleblower Chelsea Manning joined Nym Technologies as a security consultant.