Crypto venture firms have committed more than $300 million to privacy technology maker Nym Technologies through its Innovation Fund, developers shared with CoinDesk today.

The fund will provide capital to crypto builders, developers and communities with a focus on privacy, which aims to prioritize users' anonymity during financial activities. It has received commitments from investors such as Polychain, KR1, Huobi Incubator and Eden Block, among others.

“Web3 will only succeed as the future of the internet if privacy exists,” Nym Technologies CEO and co-founder Harry Halpin said in a statement. “A new, better, decentralised internet free from monopoly and censorship needs privacy at its very core, or it will replicate the faults of the legacy web.”

“The Nym Innovation Fund is designed to breathe life into good ideas that make privacy a reality in Web3. This will ensure the health of the privacy ecosystem but it will also advance the Web3 industry as a whole, providing mentorship and funding during this difficult macroeconomic climate,” Halpin said.

The program will open for applications in November, and the initial focus for applications will be crypto wallets, remote procedure calls (RPCs) and essential resources, tools, infrastructure and initiatives that benefit the broader ecosystem and are available to the public as open-source projects. Developers from any category, such as gaming, may also apply.

RPCs can be used to retrieve data from a blockchain network or to send transactions to a blockchain network from a decentralized application (dapp) that can be integrated with the Nym network.