Blockchain privacy firm Nym Technologies has launched a $300 million funding program aimed at providing capital to projects building security-focused infrastructure.
The Nym Innovation Fund will draw capital from venture capitalist investors such as Polychain, KR1, Huobi Incubator and Eden Block and will focus on supporting projects building Web3 privacy-focused tools and services.
Nym Technologies co-founder and CEO Harry Halpin said privacy is central in ensuring that a decentralized internet remains resistant to censorship and avoids the pitfalls of Web2:
“This 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.”
Halpin told Cointelegraph that prospective projects that apply for funding could receive investments from Nym’s fund as well as directly from its venture capital backers:
“Nym will review the applicants and determine if & which ones to go to the investors and then investors will decide of & how much they want to fund.”
The program is set to begin in November 2023, and initial considerations of applications will be centered on Web3 wallets and applications that store private keys that interact and manage access to decentralized applications (DApps).
The fund will also look to support remote procedure call (RPC) protocols that can retrieve data from a blockchain network or send transactions from DApps as well as public good services, including essential resources, tools, infrastructure and initiatives that are publicly available as open-source projects.
Coinciding with the Innovation Fund is the launch of the Nym Grants program, which will extend further funding opportunities, developer assistance, mentorship, marketing support, community engagement and operational guidance.
Lior Messika, managing partner at Eden Block, highlighted the firm’s support as an investor in the Innovation Fund to support builders and entrepreneurs within the Nym ecosystem.
“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 will prioritize support of projects and services that enhance user privacy and encourage open-source collaboration and community engagement.