Andreasen Horowitz (a16z) led a ચે 13 million Series A fundraising round for blockchain-driven privacy web start-up, Nym Technology. Following the ચે 6.5 million investment led by Polychain Capital and the employment of Chelsea Manning as a security auditor, Nym’s latest round shows the interest of mainstream venture capital in the growing demand for privacy-focused solutions.
What is Nym and what does it offer?
Nym encourages blockchain nodes to hide Internet data, which basically acts as a crypto mixer, a platform that obscures the trail of crypto transactions to make them truly anonymous, but for online activities. The company claims that its method, known as mixed network or “mixed”, also protects a person’s Internet behavior from the preferences of the United States National Security Agency (NSA).
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In addition to network privacy, Nym offers privacy credentialing services, which allow users to show that they are using zero-proof proof that they have the right to access certain Internet activities without identifying them, a form of encryption technology that also promotes public interest. Have done. US regulatory bodies.
Nym Technologies, which is working to make the Internet more private, hired former U.S. Army intelligence analyst and whistle-blower Chelsea Manning, who used the privacy program Tor in 2011 to release thousands of sensitive papers.
Nym is preparing to accelerate the arrival of a private web powered by blockchain with a new $ 13 million capital injection, valued at about $ 270 million by the three-year-old Switzerland-based firm. Nym’s new round reflects a growing interest in privacy-protection technology, which is no longer just for paranoids and criminals. And the rest of the world is taking note.
All investments, especially Andreasen Horowitz
The Series A investment round, which was only announced to Forbes, was led by Silicon Valley giant Andreessen Horowitz (a16z Crypto). Other investors include Barry Silbert’s Digital Currency Group, Tassier Capital, Hubby Ventures, Hashki, Fenbushi Capital and more than two dozen operators of validator nodes or servers that validate transactions on a network of start-ups.
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According to Ali Yahya, general partner at Anderson Horowitz, encryption is becoming a more important component of the Internet, and Nym enables the lowest level of privacy that is built on top of other private solutions.
Nym Blockchain and Bitcoin
Nym blockchain employs a mixed network or mixnet, in which nodes are compensated with tokens to re-route Internet traffic. If necessary, nodes can insert false data packets to make it more difficult for attackers to interpret information even at higher levels. Unlike VPNs or Tor networks, Nym CEO Harry Helpin, who previously worked with web creator Tim Berners-Lee at the World Wide Web Consortium before starting the firm in 2018, claims that the technology, which provides “network-level anonymity”, Is. Overcome nation-state level mass monitoring as well.
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Helpin still believes that Tor is a better option for internet browsing but is more suitable for Bitcoin and Layer 2 solutions. While not every privacy start-up uses cryptocurrency, those who have had recent success in financing, according to Helpin, raised only a few thousand dollars in 2017 for a comparable project without using blockchain.
Nym’s network, on the other hand, which is now in test mode with about 5,000 nodes and 30 validators, is expected to go live at full capacity by the end of this year. Notably, Andreisen Horowitz, the chief investor in the round, has invested in at least a fifth blockchain-related privacy. This year, many privacy-focused cryptocurrencies have shown smart investing, with some quietly beating Bitcoin in the current bull market.
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