NuCypher startup raises $10 million to launch new protocol

Posted 08 October, 2019

The venture capital firm Polychain Capital, as well as Bitmain, Bitfury, Arrington XRP Capital and others have invested $10.67 million in the NuCypher blockchain project. The startup has conducted an additional round of financing in anticipation of the launch of the main network, which is scheduled for Q1 2020. 

Investors acquired 8% of the initial offer of company tokens and blocked them for two years to use as collateral to obtain the authority of nodes. The total amount of funds raised by the startup exceeded $15.82 million. 

The NuCypher protocol allows you to safely store, transfer and exchange encrypted data in public blockchain networks, decentralized applications, and distributed file storage. On October 7, the project team launched a public test network. Developers can create their own applications and run nodes without the permission of the company. 

“The NuCypher network provides the functionality needed to keep data encrypted and also shareable with valid recipients under certain conditions, but protected from everyone else (including the network itself),”  told MacLane Wilkison, co-founder and CEO of NuCypher. 

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