After a $300 million investment in an altcoin project called Nym, the price of the cryptocurrency took a leap. Nym price rose from $0.73 to $1.04, gaining over 30 percent. Here are the details…
$300 million investment in altcoin project
A group of venture capital firms has invested $300 million in a fund that will encourage developers to develop Nym’s technology. Nym Technologies, a Swiss privacy startup that protects online activity from surveillance using a mixnet, announced a new $300 million fund yesterday to attract developers into its ecosystem.
Nym Innovation Fund has received $300 million investment from various venture capital investors. These backers include Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1, Lemniscap and Andreessen Horowitz (a16z). Grants under the program will range from roughly $50,000 to several million dollars, according to Harry Halpin, Nym’s CEO. Nym did not receive the entire $300 million upfront, but will instead receive it as needed.
CEO of the project described Nym rising hard
Harry Halpin, CEO of Nym, described Nym as potentially sensitive, created by all internet transactions, including cryptocurrency trading. He described it as a “decentralized scrambling network” that uses blockchain technology to scramble packets containing metadata. Haplin said Nym’s mixnet technology shuffles these packets like a deck of cards, preventing even an “NSA [National Security Agency]-level enemy” from identifying who might be behind them.
Nym’s platform potentially has a wide range of uses. For example, it can be used by the messaging app Signal to scramble communication-related packets. The company raised $13 million in an a16z-led round in November last year, bringing its valuation to $270 million. Nym is changing hands at $1.01, up over 30 percent at the time of writing. The cryptocurrency managed to rise to the highest level of $ 1.04 during the day.
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