The NYM Technologies’ latest announcement has sent the NYM token to the moon. Harry Halpin, CEO of NYM, revealed that they have raised $300 million in funding to develop mixnets.
The Nym token’s prices have surged by over a whopping 30% since the news broke out.
NYM token up by over 30%
The NYM is trading at an average price of $0.919, at the press time. NYM’s 24 hours trading volume has witnessed a spike of over 100%. It is interesting to note that the NYM received the funding in its innovation fund just after days its native token got listed on major crypto exchanges.
The firm said that at the time when Venture Capitals are dumping projects, it has managed to gain the trust of investors. Venture Capitalists that had participated in earlier funding rounds by the firm participated in its latest round.
The NYM provides the next generation multipurpose mixnet that helps the user from internet surveillance. According to a report, in order to develop this ecosystem, the organisation raised the funds from some key players in the industry. Polychain, Andreessen Horowitz (a16z), Tioga Capital, Eden Block and other investors have pooled in to fund NYM.
NYM sees increased VC funding
CEO Halpin reportedly disclosed that money has flown in ranging from over $50,000 to some million dollars. However, the firm will utilise the raised $300 million in different phases as the need arises in the future. NYM is developing the services to cover a wide range of activities in and out of cryptocurrencies.
Earlier, Andreessen Horowitz (a16z) invested in the NYM citing that NYM aims to solve internet privacy with their mixnet through blockchain. CEO Harry Halpin and NYM team has been working with a passion for expertise in privacy with a plan. While Haplin has been working on the projects like NEXTLEAP and Panoramix to work toward its idea.
The move also highlights the growing amount of venture capital funding flowing into the crypto industry. Recently, Dragonfly Capital raised a $650 million fund to invest in blockchain technology.