Nym Technologies Gets $2.5M To Anonymize Crypto Apps

| Publish date: 05/14/2019
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Nym Technologies, the privacy-centric startup, has just reportedly turned to a private token sale in an attempt to raise around $2.5 million. Interestingly, the company was successful in doing so

A Testnet In 2020

The seed round in the company is said to have involved Edenblock, Lemniscap, and NEO Global Capital, among others. Apparently, Binance Labs is one of the investors. It is worth noting that the venture arm of Binance is where the startup underwent a 10-week incubation program, which took place sometime last year.

The managing partner at Lemniscap named Roderik van der Graaf said in an interview the token sales are nothing but “dead.” However, he and his team believe that as far as having properly designed digital current networks with token, they still exist.

Harry Halpin, the CEO of Nym Technologies, claims that the startup is looking at the possibility of launching a testnet sometime in 2020. Unfortunately, he did not provide details as to which blockchain the company’s very own native taken is going to be based on.

Halpin added that they are confident about incentivizing privacy-enhancing features. For instance, if he chooses to run a VPN, it is a possibility for him to get paid. However, he has the responsibility to hold all financial data of the startup’s users.

To ‘Anonymize the World’

The CEO explains that the primary goal of Nym is to “anonymize the world.” And the only way to do so is by utilizing software that can be efficiently applied to digital currency wallets and other mobile apps. By doing so, it is very possible to mask IP addresses and user data – a process that, according to Halpin, can be done on the network itself.

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A BTC veteran by the name of Amir Taaki is reportedly working on an integration that can be used on his own Dark Wallet project. Halpin, on the other hand, further said that his team has started developing protocols and that other people will soon gain provision from the infrastructure. Nym’s CEO explained that their system is capable of giving users the ability to pay as they want. Even more so, they can do this by utilizing fair prices for whatever services they want to offer.

As far as the token economics of the platform is concerned, they are still under development. But when it comes to a basic level, people can expect to have a staking token. Halpin, in an interview, said that the token’s primary used is for fees, as well as staking for service providers and rewarding node operators.

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