Nym, a blockchain security company, is set to launch a $300 million fund aimed at supporting open-source projects in the Web3 space. The fund, scheduled to begin in November 2023, will focus on financing initiatives that enhance security and privacy in Web3, particularly in the areas of Web3 wallets, RPCs (Remote Procedure Calls), and critical infrastructure services.

Empowering Web3 Security and Privacy

Nym‘s new initiative is designed to boost the development of security and privacy tools and services for Web3 applications. Open-source projects working on innovative solutions can apply for funding through this program. The selection process will involve a two-step evaluation, with Nym initially reviewing the applicants’ proposals. Once vetted, the promising projects may receive investments not only from Nym’s fund but also directly from its venture capital backers.

Supporting Web3 Wallets and RPC Protocols

The fund’s initial focus will be on projects related to Web3 wallets and applications responsible for storing private keys that manage access to decentralized applications (DApps). Additionally, Nym aims to support RPC protocols, essential for retrieving data from blockchain networks and enabling transactions from DApps. These protocols play a pivotal role in the seamless functioning of Web3 ecosystems.

In line with its mission to strengthen the Web3 landscape, Nym’s fund will also back public good services encompassing essential resources, tools, infrastructure, and open-source initiatives. These services are vital for the overall health and accessibility of the Web3 ecosystem, ensuring that innovation is built upon a solid foundation.

Num Grants Program for Comprehensive Support

Simultaneously, Nym is launching the Num Grants program to provide developers and projects with further funding opportunities. This program will offer not only financial support but also mentorship, marketing assistance, community engagement, and operational guidance. It aims to create a holistic support system for Web3 innovators.

Nym’s initiative is firmly rooted in values that prioritize enhancing user privacy, fostering open-source collaboration, and encouraging community engagement. With a substantial fund and robust support programs, Nym aims to catalyze the growth of a more secure and private Web3 environment.