NYM token rose by more than 30% after Harry Halpin (NYM CEO) announced that it had raised $300 million to support its mixnets development. It’s worth noting that NYM received the funds after its native token ‘NYM’ was listed on a major crypto exchange.
At the time of writing, NYM is trading at $0.9366, up 32.34% over the past 24 hours.
The firm pointed out that it had been able win investors’ trust at a moment when Venture Capitals are dropping projects. Furthermore, Venture Capitalists from its earlier round also participated this latest round.
Everyone is terrified of VCs “dumping” on projects – but in the case of NYM, the VCs from our previous rounds are doubling down on their support of privacy with a $300 million dev fund for developers to build on top of mixnets!
— Nym (@nymproject) May 2, 2022
NYM wants to offer a next-generation multipurpose mixnet for internet surveillance users. They noted in their report that they had raised funds from well-known industries such as Andreessen Horowitz (a16z), Polychain, Tioga Capital, Eden Block, Polychain and Polychain to enable them to accomplish this.
NYM’s Venture Capital funding on the rise
Harry Halpin revealed in a report that more than $50,000 million had been received. However, the company will use the $300 million raised in different phases and to meet future needs. NYM is currently working on services that will cover all activities in and outside of crypto.
Andreessen Horowitz (a16z), who had also invested in NYM, mentioned that NYM was working to solve internet privacy using its mixnet through the use of Blockchain. In addition, the CEO and team at NYM have been working together to improve privacy through projects like Panoramix.
This firm’s move has shown the high volume of venture capital funding available to the crypto industry. The most recent being Dragonfly Capital. It launched its largest fund of $650 millions to invest in Blockchain technology.