NYM token has rallied by over 30% following Harry Halpin, NYM CEO, and announcement on raising a $300 million fund towards 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 noted that it has been able to win the trust of investors at a time when Venture Capitals are dumping projects, besides, the Venture Capitalists that participated in its earlier round also participated in the latest one.
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 is determined to provide a next-generation multipurpose mixnet that will help internet surveillance users. For them to be able to achieve this, they noted in a report that they raised some funds from prominent industries like Andreessen Horowitz (a16z), Eden Block, Polychain, Tioga Capital, and many others.
NYM’s Venture Capital funding on the rise
Harry Halpin in a report revealed that over $50,000 million has flown in but the firm will utilize the raised $300 million in different phases and for future needs. Currently, NYM is developing services that will cover all the activities in and out of the crypto.
In addition, Andreessen Horowitz (a16z) had invested in the NYM mentioning that NYM is working on solving internet privacy with its mixnet by the use of blockchain. Besides, the NYM team and its CEO have been working on its privacy with projects like Panoramix and NEXTLEAP to meet the idea.
This move by the firm has demonstrated the high number of venture capital funding that are venturing into the crypto industry with the recent one being Dragonfly Capital which launched its biggest fund of $650 million to invest in blockchain technology.