European privacy startup Nym Technologies closed its third investment round of $13 million, led by Andreessen Horowitz, Invezz learned from a press release. The round included participation from Huobi Ventures, Hashkey, Fenbushi, Digital Currency Group, Tayssir Capital, and more. The previous round was led by Polychain.
A surefire way to defeat mass surveillance
This funding round indicates mainstream venture capitalist interest in the growing demand for privacy solutions. Nym’s is one of the best. Its technology is capable of defeating mass surveillance on any level. With VPNs and Tor, the enemy can see every internet packet in a network at scale. To prevent this, Nym mixes packets in a series of decentralized nodes and adds dummy traffic.
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Per Harry Halpin, CEO of Nym, said:
We at Nym are very lucky, as it’s historically unprecedented to see support from the best venture capitalists to stop mass surveillance. To make privacy real on the scale of the entire internet, building a real-world working mixnet has long been the missing piece of a puzzle that predates even the origin of Bitcoin.
Ali Yahya, General Partner at Andreessen Horowitz, added:
Nym’s network-level technology is essential for any blockchain that strives to offer privacy for its users, and its clever incentive structures set it apart from other solutions. Nym’s team may be the most advanced group of mixnet researchers and engineers ever assembled. As demand for online privacy continues to grow, their role in the space will become ever-more important.
Sadry Bouhejba, founder of Tayssir Capital, commented:
Nym network restores user privacy on the internet, without compromising on efficiency nor scalability. We believe Nym is an essential layer towards a more inclusive and fair society.
Samantha Bohbot, Head of Platform at Digital Currency Group, shared:
NYM has built a first-of-its-kind privacy layer, capable of protecting against even the fiercest adversaries, and powered by a crypto economic incentive structure. We envision its technology setting a new standard in user privacy across the internet. We are impressed by the team’s knowledge, passion, and dedication to developing a more secure web, and are excited to back them.
Nym will use the funds to hire a dedicated product team to expand its community. The privacy solution plans to roll out NYM tokenomics and start testing the infrastructure prior to mainnet launch.
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