Privacy Technology Firm Nym Plans Early 2024 Rollout of 'Decentralized VPN'

Nym Technologies, a privacy infrastructure project backed by Binance Labs and the venture capital firm Andreessen Horowitz (a16z), said its "decentralized VPN" called NymVPN would launch in the first quarter of 2024.

"This brings together a decentralized VPN and a mixnet on the same network to offer users the highest level of privacy and security for all their online activities," according to a press release. "Unlike centralized VPNs, which funnel all your data through a single server, the NymVPN disperses your traffic across a network of nodes."

According to the release, NymVPN works atop a decentralized network of relay nodes run by individuals without a central authority, thus reducing the risk of data misuse and surveillance.

Last month, Nym Technologies announced it had raised $300 million for a Nym Innovation Fund, which will support projects looking to safeguard privacy in the crypto ecosystem. Investors in the fund included Polychain, KR1, Huobi Incubator and Eden Block.