Quick take:
- Nym Technologies has launched a $300 million innovation fund.
- The fund targets crypto projects involved in the development of privacy infrastructure.
- Nym has already received commitments from leading crypto VCs including Polychain, KR1, Huobi Incubator and Eden Block.
Nym Technologies has launched a $300 million innovation fund for privacy infrastructure. The Nym Innovation Fund will invest in crypto projects building to safeguard privacy in the industry.
The fund has already received commitments from some of the leading crypto venture firms including Polychain, KR1, Huobi Incubator and Eden Block, among others.
According to Nym Technologies, privacy is the key to the success of the decentralised web. “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,” Nym Technologies CEO and co-founder Harry Halpin said in a statement.
The company is opening the program for applications in November with the initial focus set to be on crypto wallets, remote procedure calls (RPCs), tooling and infrastructure, and other resources that could benefit the development of the ecosystem. However, this does not bar developers from other segments of the industry like gaming from applying, CoinDesk reported.
“The Nym Innovation Fund is designed to breathe life into good ideas that make privacy a reality in Web3. This 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,” Halpin said.
This announcement comes at a time when funding for crypto startups is in decline. According to TechCrunch, Web3 funding fell for the seventh consecutive quarter in Q3 2023. However, this has not prevented the likes of Bitget and CMCC from raising $100 million each for their initiatives.
In September, Thailand’s Kasikornbank also launched a $100 fund for web3 and AI projects. On Monday, Israel-based Web3 security firm Blockaid emerged from stealth with a $33 million fund raised across seed and Series A rounds.
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