Nym Technologies Startup Performs Private Token Sale And Raises $2.5 Million
The privacy-focused startup Nym Technologies was able to raise $2.5 million in a private token sale.
Some of the companies that participated in the funding round include NEO Global Capital, Lemiscap, Edenblock and many others, including Binance Labs. The information was released by CoinDesk a few days ago.
Nym Technologies Raises $2.5 Million
According to Lemniscap managing partner Roderik van der Graaf, token sales are not dead, even when they have declined over time. He mentioned that they still believe that there are properly designed crypto networks in the market.
The CEO of the company, Harry Halpin, said during a conversation with CoinDesk that they want to launch a testnet as soon as the next year. However, he didn’t inform which blockchain startup's native token is based on. Halpin mentioned that they want to incentivize privacy features.
The ultimate goal is to “anonymize the world,” as Halpin said. They want to do so by using software to crypto wallets and other mobile apps that mask IP Addresses and users’ data. At the same time, Amir Taaki is also working on this project.
Halpin went on explaining that the tokens will have value and the network will be working with a Proof-of-Stake (PoS) algorithm. They will be providing value to the token with its utility and with privacy improvements.
Van der Graaf said about users’ privacy:
“Nym’s protocol doesn’t only anonymize at the protocol layer but also the network layer. So that is a major difference compared to something like Tor.”
Van der Graaf said that they even mix the data packets and the network layer anonymizing metadata. That includes IP Addresses, geolocation and more information that could be processed.
A new privacy project being developed by Nym Technologies was able to raise $2.5 million. The company wants to work on different privacy features with the goal of anonymizing the whole world.