Home Cryptocurrency Crypto-Powered Privacy Solution Nym Raises $13 Million, Led By Andreessen Horowitz

Crypto-Powered Privacy Solution Nym Raises $13 Million, Led By Andreessen Horowitz

by Serge Shlykov

Nym has created a decentralized, private, and secure network with zero-knowledge cryptography that puts an end to data breaches. With their vision of creating “a future in which you can truly control your digital identity,” this startup is paving the way for blockchain technology’s widespread adoption in consumer apps.

The “nym privacy” is a cryptocurrency-powered privacy solution that has raised $13 million in its initial coin offering. The company is led by Andreessen Horowitz and has been endorsed by the likes of Coinbase co-founder Fred Ehrsam.

18 November 2021, Neuchâtel, Switzerland

Nym Technologies, a European privacy firm, has completed its third round of funding. This $13 million fundraising round was led by Andreessen Horowitz (a16z Crypto), with participation from notable venture capital companies Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey, and Fenbushi. This deal, which follows a Polychain-led round and the employment of Chelsea Manning as a security auditor, demonstrates mainstream venture capital’s interest in the rising need for privacy solutions. 

Unlike VPNs or even Tor, Nym’s breakthrough “mixnet” is the only solution that can fight nation-state level mass surveillance in which the adversary can monitor every internet packet in a network at scale. Nym achieves this apparently impossible task by combining packets over a network of decentralized nodes and injecting fake traffic as required. 

“We at Nym are really blessed,” says Harry Halpin, CEO of Nym, “because it’s historically unusual to have assistance from the greatest venture investors to end mass monitoring.” Building a real-world functional mixnet has long been the missing piece of a jigsaw that predates even the origins of Bitcoin to make anonymity real on the scale of the whole internet.”

“Nym’s network-level technology is critical for any blockchain that aims to provide anonymity to its users, and its ingenious incentive structures set it apart from competing alternatives,” Ali Yahya, General Partner at Andreessen Horowitz, stated. “Nym’s squad might be the most sophisticated mixnet researchers and engineers ever gathered.” Their involvement in the field will become more crucial as the need for online privacy grows.”

“NYM has designed a first-of-its-kind privacy layer, capable of guarding against even the toughest attackers, and fueled by a crypto economic incentive system,” Samantha Bohbot, Head of Platform at Digital Currency Group, said. Its technology, we believe, will establish a new standard for consumer privacy on the internet. We are delighted to support the team because of their expertise, enthusiasm, and devotion to create a better secure online.”

“Nym network restores user privacy on the internet, without sacrificing on efficiency or scalability,” explains Sadry Bouhejba, founder of Tayssir Capital. Nym, we feel, is a critical component in achieving a more inclusive and equitable society.”

Nym Technologies wants to utilize the cash it received soon before the platform’s decentralized mixnet mainnet launch to build its community and hire a dedicated product team. Finally, before launching the mainnet, Nym will roll out NYM tokenomics and begin stress-testing the infrastructure.

About Nym

Nym is an open-source and decentralized platform that provides full-stack anonymity, built by prominent academics and experienced developers. The platform is permissionless and rewarded, allowing developers to create apps that protect against metadata snooping at the mixnet and credential levels.

Contacts

Nym is a decentralized privacy solution that aims to make the world more private and secure. The company has raised $13 million in funding led by Andreessen Horowitz. Reference: nym mixnet.

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