Blockchain privacy firm Nym Technologies has launched a $300 million funding program geared toward providing capital to projects constructing security-focused infrastructure.

The Nym Innovation Fund will draw capital from enterprise capitalist investors including Polychain, KR1, Huobi Incubator and Eden Block and can give attention to supporting projects constructing Web3 privacy-focused tools and services.

Nym Technologies CEO and co-founder Harry Halpin said that privacy stays a central cog in ensuring that a decentralized web stays proof against censorship and avoids the pitfalls of Web2:

“This programme will make sure the health of the privacy ecosystem but it should also advance the Web3 industry as a complete, providing mentorship and funding during this difficult macroeconomic climate.”

Halpin told Cointelegraph that prospective projects that apply for funding could receive investments from Nym’s fund in addition to directly from its enterprise capital backers:

“Nym will review the applicants and determine if & which of them to go to the investors after which investors will determine of & how much they need to fund.”

The programme is ready to start in Nov. 2023 and initial considerations of applications will probably be centered on Web3 wallets and applications that store private keys that interact and manage access to decentralized applications DApps.

The fund may also look to support distant procedure call (RPCs) protocols that may retrieve data from a blockchain network or send transactions from DApps in addition to public good services including essential resources, tools, infrastructure and initiatives which can be publicly available as open-source projects.

Coinciding with the Innovation Fund is the launch of the Num Grants program which is able to extend further funding opportunities, developer assistance, mentorship, marketing support, community engagement and operational guidance.

Eden Block managing partner of VC Lior Messika highlighted the firm’s support as an investor of the Innovation Fund to support builders and entrepreneurs inside the Nym ecosystem.

“Because the Nym core technology enables a bunch of applications and disruptive privacy use cases, Eden Block will closely support the Fund’s efforts through selection, advocacy, funding, and more.”

This system will prioritize support of projects and services that enhance user privacy, encourage open-source collaboration, and community engagement.

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