Privacy startup Nym Technology raised $13 million in a Series A funding led by Andreessen Horowitz

Blockchain-driven privacy network launch Nim Technology In a round of financing, 13 million US dollars were raised, making it valued at approximately 270 million US dollars.

This round of financing was led by venture capitalist Andreessen Horowitz (a16z Crypto). Grayscale’s parent company Digital Currency Group, Huobi Ventures, Fenbushi Capital, HashKey, Tayssir Capital and more than 20 other companies participated in this round of financing.

Nym’s CEO Harry Halpin said in an interview that Nym’s goal is to be most suitable for “Bitcoin and Layer 2 solutions” and plans to even integrate its technology with protocols such as the Lightning Network.

The new funds will be used for new employees, as Nym aims to expand its eight-person team to nearly four times. It has recruited former US Army intelligence analyst and whistleblower Chelsea Manning, who used the privacy software Tor to leak thousands of classified documents.

During this period, Nym’s co-founder George Danezis also rejoined the project last month, after he briefly left the project to help design Facebook’s digital currency Libra (renamed Diem). Chainspace, another company he co-founded, was also acquired by the social media giant.

Starting next year, Nym also plans to provide funding to independent third-party developers.

Just four months ago, Polychain Capital made a $6.5 million investment in Nym. Prior to this, in 2019, Binance’s venture capital arm had made a $2.5 million seed investment in this privacy startup.

“Encryption is becoming a very important part of today’s Internet. Nym provides privacy at the lowest level as the basis for building other private solutions.” Said Ali Yahya, general partner of Andreessen Horowitz.

Make privacy on the entire Internet a reality

The three-year-old Swiss company uses mixnet, where node operators receive token rewards to mix Internet traffic and make it more difficult for opponents to obtain the highest level of information, including large-scale national surveillance like the NSA.

Nym also provides a privacy credential service, allowing users to only allow access to some of its activities when needed, without revealing their identity.

Nym is currently operating in test mode, with approximately 5,000 nodes and 30 validators, and plans to run at full capacity before the end of this year.

Just last week, the team released a desktop wallet for node operators to promise their tokens to join New York NetIn return, they earn more tokens based on the workload and quality of mixed Internet traffic. It ensures the quality of service and at the same time incentivizes miners to do their jobs well.

According to Halpin, these economic incentives and the potential of mixnet will help Nym “achieve privacy on the scale of the entire Internet.”

In addition to the wallet, Nym Network also released the world’s first open source code of Mixnet Explorer, defining it as an indispensable tool for decentralized quality control and security auditing.

In addition, Nym’s tokenomics has been fully coded and deployed to the testnet Milhon, Said The team is during its weekly developer update period.

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