The Nym Innovation Fund
Nym Technologies, a blockchain privacy firm, has announced the launch of the Nym Innovation Fund, a $300 million funding program. The fund aims to provide capital to projects that are building security-focused infrastructure in the Web3 space. It will draw capital from prominent venture capitalist investors, including Polychain, KR1, Huobi Incubator, and Eden Block. The fund will specifically focus on supporting projects that are developing privacy-focused tools and services.
Ensuring a Decentralized Internet
Nym Technologies CEO and co-founder Harry Halpin emphasized the importance of privacy in maintaining a decentralized internet that is resistant to censorship. He stated that the program will not only support the privacy ecosystem but also advance the Web3 industry as a whole. The fund will provide mentorship and funding to projects during the challenging macroeconomic climate.
Investment Process
Potential projects applying for funding will have the opportunity to receive investments from Nym's fund as well as its venture capital backers. Nym will review the applicants and decide which ones to present to the investors. The investors will then determine the amount of funding they want to provide.
Focus Areas
The Nym Innovation Fund will initially focus on Web3 wallets and applications that store private keys for decentralized applications (DApps). It will also support remote procedure call (RPCs) protocols that retrieve data from blockchain networks or send transactions from DApps. Additionally, the fund will provide support for public good services, such as essential resources, tools, infrastructure, and open-source projects.
Num Grants Program
In conjunction with the Innovation Fund, Nym Technologies is launching the Num Grants program. This program will offer further funding opportunities, developer assistance, mentorship, marketing support, community engagement, and operational guidance.
Support from Investors
Eden Block, a venture capital firm, expressed its support for the Nym Innovation Fund. The firm will actively participate in the fund's efforts by assisting with project selection, advocacy, funding, and more. Eden Block recognizes the potential of Nym's core technology in enabling various applications and disruptive privacy use cases.
Supporting Privacy, Collaboration, and Engagement
The Nym Innovation Fund will prioritize projects and services that enhance user privacy, encourage open-source collaboration, and promote community engagement.
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