The fund, which has received funding commitments from Polychain and Huobi Incubator, will back privacy-focused Web3 projects.
Privacy-focused Nym has received $300 million for its Innovation Fund.
Photo by Towfiqu Barbhuiya on Unsplash
Posted October 24, 2023 at 4:08 pm EST.
Nym, a provider of privacy infrastructure, has received more than $300 million in commitments for its Nym Innovation Fund and will start accepting applications from projects in November, the firm said in a blog post Tuesday.
The fund, which will back Web3 builders, developers and privacy advocates, has backing Polychain, KR1 plc, Huobi Incubator and Eden Block, among other investor powerhouses. .
The fund comes as venture capital funding in crypto projects remains constrained due to a prolonged bear market. Crypto funding dropped to a three-year low in October, though infrastructure projects have weathered conditions better than other sectors. Crypto winters are conversely a time when developers work to build new projects, which could benefit from even small fundraisers.
“The Nym Innovation Fund is designed to breathe life into good ideas that make privacy a reality in Web3. This groundbreaking 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,” said Nym co-founder and CEO Harry Halpin: in the announcement post.
The application period for the fund opens at the beginning of November. Areas of interest for Nym include Web3 wallets, Remote Procedure Calls (protocols that can connect to Nym and retrieve data from or send transactions to blockchains) and public goods services. The latter category includes essential resources for Web3 building such as tooling, libraries or infrastructure.
The Nym Innovation Fund launched in stealth last year and went through a pilot program. During the pilot, Nym helped Cosmos-based trustless bridge Side Protocol raise $1.5 million.
