Binance Labs and Andreessen Horowitz (a16z) are funding a privacy infrastructure project named Nym Technologies, which has announced the release of their “decentralised VPN” dubbed NymVPN in the first quarter of 2024.
The new NymVPN, according to the privacy-focused infrastructure initiative, would distribute data over a distributed network of nodes rather than sending everything via a central server.
“This creates jointly a decentralised VPN and a mixnet on a single network to offer users the greatest possible degree of privacy and security for all their online activities,” according to the announcement. “Unlike centralised VPNs, which channel all the information you send through a single server, the NymVPN disperses the data you send across a network of terminals.”
NymVPN operates on a decentralised network of relay nodes managed by individuals in the absence of a central authority, thereby mitigating the potential for data exploitation and surveillance, as stated in the official statement.
Nym Technologies disclosed the receipt of $300 million in funding for a Nym Innovation Fund last month. The fund will provide assistance to initiatives aimed at protecting privacy within the cryptocurrency ecosystem. The fund was supported by Polychain, KR1, Huobi Incubator, and Eden Block, among others.
