• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
NYM

Privacy Startup Nym Technology Raises $13 Million in Series A Funding Round Led by Andreessen Horowitz

NewsBTC by NewsBTC
2 years ago
in Company News
Reading Time: 2 mins read

Blockchain-powered privacy web startup Nym Technology has raised $13 million in a funding round that puts its valuation at about $270 million.

The round was led by venture capitalist Andreessen Horowitz (a16z Crypto) with Grayscale’s parent company Digital Currency Group, Huobi Ventures, Fenbushi Capital, HashKey, Tayssir Capital, and over two dozen others participating in this round.

Nym aims to be the best fit for “bitcoin and Layer 2 solutions” and has plans to maybe even integrate its technology with protocols like Lightning Network, Nym CEO Harry Halpin said in an interview.

The fresh capital will be used for new hires as Nym aims to expand its eight-member team to nearly 4x. It has already recruited former U.S. Army intelligence analyst and whistleblower Chelsea Manning, who leaked thousands of classified documents using the privacy software Tor.

Amidst this, Nym’s co-founder George Danezis, also rejoined the project last month after briefly leaving the project to help design Facebook’s digital currency Libra (rebranded Diem). His other company Chainspace that he co-founded, was also acquired by the social media giant.

Starting next year, Nym is also planning to give out grants to independent third-party developers.

Just four months back, Polychain Capital led a $6.5 million investment in Nym, and before that, in 2019, Binance’s VC arm had led a $2.5 million seed investment in the privacy startup.

“Encryption is becoming an incredibly important component of the internet today, and Nym provides privacy at the very bottom layer as a foundation for other private solutions to be built on top,” said Ali Yahya, general partner at Andreessen Horowitz.

Make Privacy Real on the Entire Internet

The three-year-old Switzerland-based company uses mixnet, where node operators are rewarded with tokens to mix internet traffic and make it harder for adversaries to get information at the highest level, including nation-state level mass surveillance like NSA.

Nym also offers privacy credential services to allow users to only allow access to part of their activity when required without revealing their identity.

Currently operating in test mode, Nym has about 5,000 nodes and 30 validators, with plans to go live at full capacity by the end of this year.

Just last week, the team released a desktop wallet for node operators to pledge their tokens to join the Nym network. In return, they earn more tokens based on their amount and quality of work in mixing the internet traffic. It ensures the quality of services while incentivizing miners for work well done.

These economic incentives, along with mixnet’s potential, according to Halpin, will help Nym “to make privacy real on the scale of the entire internet.”

Besides wallet, the Nym Network also released open-source code for the world’s first Mixnet Explorer, which it defines as an essential tool for decentralized quality control and security auditing.

Additionally, Nym’s tokenomics has been fully coded up and deployed to testnet Milhon, said the team during its weekly developer update.

Tweet123Share196ShareSend
NewsBTC

NewsBTC

Related Posts

Best Crypto Casinos – List of the Best Crypto Casinos

Best Crypto Casinos – List of the Best Crypto Casinos

52 mins ago
“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

13 hours ago
HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

13 hours ago
Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

13 hours ago
HedgeUp (HDUP) Presale Attracts Influx of Investors Due to Bonus Scheme Offered to Investors to Combat Ethereum (ETH) and Bitcoin (BTC) Price Drop

HedgeUp (HDUP) Presale Attracts Influx of Investors Due to Bonus Scheme Offered to Investors to Combat Ethereum (ETH) and Bitcoin (BTC) Price Drop

14 hours ago
Crypto Red Sea: Shiba Inu (SHIB) and Uniswap (UNI) Drops 7% Due to SEC Red Tape Around Binance, Investors Flock to HedgeUp (HDUP)

Crypto Red Sea: Shiba Inu (SHIB) and Uniswap (UNI) Drops 7% Due to SEC Red Tape Around Binance, Investors Flock to HedgeUp (HDUP)

14 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    7 days ago
  • Best Crypto Meme Coin Presales in 2023

    7 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Crypto Enthusiast Considers TMS Network (TMSN) A Great...

    3 hours ago
  • Kava vs. AltSignals. Which Token Has a Better Chance To 10x...

    3 hours ago
  • Investors Troop To Sparklo (SPRK) Amid Binance Coin (BNB)...

    3 hours ago
  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    13 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.