Privacy startup Nym Technologies from Switzerland reportedly disclosed details of $300 million in financial support, in commitments from venture capital partners to assist the NYM Innovation Fund.

Specifically, Nym reportedly has an intention of issuing grants to developers and offering them incentives to develop upon the foundation of Nym’s decentralized infrastructure. 

The freshly secured capital injection happened a few weeks following the official introduction of its native token NYM across top-tier crypto exchange platforms, including OKX and Huobi. 

At the time of publication, the NYM token is reportedly listed for trading at an average price of $0.92, with the daily traded volume experiencing a surge since the fund’s announcement. 

Nym reportedly provides an environment for mix nets, or systems of network protocols that conceal the metadata footprints of users, as well as providing safeguarding for applications, along with users’ coins and wallets, against mass surveillance.

Applications developed upon Nym reportedly function to enhance third-party privacy services offered on virtual private networks (VPNs) and Tor.

The Nym Innovation Fund investors include Andreessen Horowitz, Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, Tayssir Capital, KR1, Lemniscap, and new backers OKX Blockdream Ventures.

The firm reportedly took to Twitter to reveal that the venture capitalists that took part in the previous fundraisings are offering extra assistance to Nym at a time when “everyone is terrified of VCs “dumping” on projects.” 

Among the first grant winners for Nym Innovation Fund are the Tails software, used by Snowden to leak NSA secrets, together with university researcher Carmela Troncoso’s privacy-enhanced COVID contract tracing system, and Daniel J. Bernstein, who was in charge of accelerating Nym’s cryptographic packet format dubbed Sphinx, which powers both the Lightning Network and Nym.