Privacy blockchain firm Nym Technologies has launched a $300million funding program dedicated to supporting projects focused on enhancing digital security and privacy.
Backing the Nym Innovation Fund are several venture capital heavyweights, including Polychain, KR1, Huobi Incubator, and Eden Block,
The new initiative aims to channel capital into projects developing security-focused infrastructure, particularly those enhancing privacy in financial transactions on the internet.
Nym Technologies CEO and co-founder Harry Halpin said: “Web3 will only succeed as the future of the internet if privacy exists.”
Nym’s new privacy fund
Describing the new fund, Nym’s blog post said it is “where good ideas will be taken to VCs to raise capital, receive mentorship from the Nym core team, and made a reality”.
Halpin added: “The Nym Innovation Fund is designed to breathe life into good ideas that make privacy a reality in Web3. This groundbreaking 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.”
Nym’s new fund is said to support the “best squads and ideas”. One of its distinct feature is a rolling application system, meaning it will accept and review submissions throughout the year, a strategy intended to provide continuous opportunities.
The application process for the fund is expected to kick off in November 2023.
The evaluation of incoming proposals for the Nym Innovation Fund hinges on several factors. These include the project’s alignment with Nym’s overarching mission, the level of innovation and originality, and the technical viability and potential for scaling.
Underlining the importance of privacy in the new decentralised internet landscape, Halpin noted: “Web3 will only succeed as the future of the internet if privacy exists. A new, better, decentralised internet free from monopoly and censorship needs privacy at its very core, or it will replicate the faults of the legacy web.”
Key areas of interest for Nym include Web3 Wallets, data retrieval mechanisms known as Remote Procedure Calls, and a wide range of decentralised applications (dApps).
Nym grant offers additional support for developers
Along with the Innovation Fund, Nym Technologies is introducing the Nym Grants program. This initiative aims to provide more extensive support to developers, including additional funding, technical assistance, mentorship, marketing aid, and operational guidance.
Lior Messika, managing partner at Eden Block, discussed his firm’s backing for the new initiative. He emphasised Eden Block’s active involvement in the Innovation Fund, noting: “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 is particularly geared towards projects and services that prioritize user privacy and promote open-source collaboration and community engagement.