300 million dollar lifeline for crypto projects

The fund, backed by Polychain, KR1, Huobi Incubator, Eden Block, and others, will prioritize projects that enhance blockchain privacy. The announcement serves as a virtual lifeline to the crypto market, which has been struggling with funding shortages due to the bear market.

TROUBLED DAYS ARE BEHIND US

Nym Technologies, a company focused on the privacy infrastructure of the blockchain ecosystem, has announced a 300 million dollar innovation fund.

There has been a cash crunch in the market throughout the bear market. However, as the community now anticipates the start of a new bull run, firms have begun to find new funds to support the ecosystem.

PRIVACY PROJECTS TO BE PRIORITIZED

The innovation fund will begin accepting applications starting in November 2023. While the fund aims to support a broader range of ideas, it will prioritize projects that focus on enhancing privacy, encouraging open-source collaboration, and fostering community.

Nym Technologies CEO and co-founder Harry Halpin said the following on the matter:

“Web3, as the future of the internet, will only succeed if privacy is present. A new, better, decentralized internet, free from monopolies and censorship, needs privacy at its core; otherwise, it will simply replicate the mistakes of the old web.”

News Source: 12punto