Privacy-centric crypto startup Nym Technologies raises $2.5M

Privacy-focused start-up Nym Technologies has raised $2.5 million in a private token sale, CoinDesk reported.

Based in Switzerland, Nym Technologies was founded by Aggelos Kiayias, George Danezis, Harry Halpin, and Amir Taaki. The company aims to introduce advanced privacy-enhancing services to the market.

NEO Global Capital, Lemniscap, and Edenblock were some of the investors in the latest round. Binance Clubs, where Nym Technologies completed a 10-week incubation program, also participated in the funding round.

“Token sales are not dead,” Roderik van Graaf, Leminiscap partner Roderrik van der Graaf, told CoinDesk. “We still believe there are such things as properly designed crypto networks with tokens.”

In a video shared by Binance Labs, Harry Halpin, CEO of Nym Technologies, explains Nym’s privacy-enhancing features saying that “even the decentralized nodes which prove you’re authenticated don’t know what data is going across.”

“You control that data, you choose the data, you simply prove who you are – and then that is authenticated against essentially a decentralized network but that data is only shown to the people that actually need it which is the service provider at the end,” he added.

Speaking to CoinDesk, Halpin said that the company is planning to launch a testnet next year. However, he did not specify which blockchain its native token is based on.

Nym Technologies’ end goal is to “anonymize the world,” Halpin said. The token-centric company aims to achieve this by applying software to crypto wallets and mobile apps to hide IP addresses and user data from the network.

“We believe our system should allow users to pay as they want, using fair prices for whatever services people want to provide,” he explained.

Halpin said that the tokens would be used for fees payment, node operator rewards, and staking for service providers.

Further emphasizing that the tokens will have value, he said, “The value will come from its utility and its ability to help other tokens improve their privacy.”