Nym Technologies, a company that focuses on the privacy infrastructure of the blockchain ecosystem, has announced a $300 million innovation fund.
There has been a cash crunch in the crypto ecosystem throughout the bear market. But now, as the community anticipates the start of a new bull run, firms are coming up with fresh funds to support the ecosystem.
Nym Fund Aims to Prioritize Privacy Projects
According to a Nym Technologies press release shared with BeInCrypto, the Innovation Fund will start accepting applications from November 2023. While the fund wants to support the broader ideas, it would prioritize the projects focused on enhancing privacy, encouraging open-source collaboration, and community engagement.
Harry Halpin, CEO and co-founder of Nym Technologies, said:
“Web3 will only succeed as the future of the internet if privacy exists. A new, better, decentralized internet free from monopoly and censorship needs privacy at its very core, or it will replicate the faults of the legacy web.”
Read more: Top Web3 Privacy Challenges and How to Overcome Them
The Innovation Fund is backed by investors such as Polychain, KR1, Huobi Incubator, Eden Block, and others. The fresh funds are a relief for the broader crypto market that was going through funding woes due to the bear market
Earlier this month, BeInCrypto reported that the crypto funding was down 63% in Q3 2023 compared to Q3 2022. Also, some companies had to shut down their operations or their staff to sustain during the bear market
Along with the Nym Innovation Fund, the well-known crypto venture capitalist (VC) Blockchain Capital $580 million for its two new venture funds.
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