European privacy-focused startup, Nym Technologies, has recently raised $13 million from industry investors in its third investment round.
a16z and Others Invest In Nym
According to an official press release shared with CryptoPotato, the just-concluded investment round was led by the leasing Silicon Valley firm – Andreessen Horowitz (a16z).
Nym noted that the fresh cash injection will be used to expand its community and add a dedicated project team just before the launch of its decentralized mixnet mainnet.
Speaking on the latest funding, Ali Yahy, General Partner at Andreessen Horowitz, said:
“Nym’s network-level technology is essential for any blockchain that strives to offer privacy for its users, and its clever incentive structures set it apart from other solutions. Nym’s team may be the most advanced group of mixnet researchers and engineers ever assembled. As demand for online privacy continues to grow, their role in the space will become ever-more important.”
The round also saw investments from other notable names, including Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey, and Fenbushi.
The firm noted that the fundraise gives evidence of the surging interest of mainstream venture capital firms in the growing demand for privacy solutions, following the hiring of Chelsea Manning, the famous U.S. whistleblower, as a security auditor.
NYM CEO Harry Halpin explained: “We at Nym are very lucky, as it’s historically unprecedented to see support from the best venture capitalists to stop mass surveillance. To make privacy real on the scale of the entire internet, building a real-world working mixnet has long been the missing piece of a puzzle that predates even the origin of Bitcoin.”
Defeating State-Level Mass Surveillance
The Nym mixnet is a decentralized, innovative component of the NYM system. This revolutionary technology can allegedly defeat nation-state-level mass surveillance.
The mixnet system achieves this feat by mixing packets in a series of decentralized nodes and adding dummy traffic as needed. Nym noted that it plans to roll out NYM Tokenomics and begin stress-testing the infrastructure before scheduling the date of its mainnet launch.