Near Token Rallies Amid Nym Partnership, Ahead of Nearcon Conference

The Near Foundation announced a partnership with Nym Technologies, a privacy-focused infrastructure startup.

AccessTimeIconNov 1, 2023 at 2:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

NEAR, the native token of the layer 1 Near Protocol, rallied on Wednesday as it announced a partnership with Nym Technologies.

NEAR has gained 11% over the past 24 hours, largely outperforming the rest of the crypto market. Solana’s SOL was the only token to gain substantial ground on Wednesday, up 10%, at the press time. Bitcoin (BTC) and ether (ETH) were primarily flat.

The Near Foundation announced a collaboration with Nym Technologies, a privacy infrastructure project backed by Binance Labs and the venture capital firm Andreessen Horowitz (a16z). The partnership will integrate the Nym mixnet into the Near ecosystem, according to a press release. The Nym mixnet is a chain-agnostic layer-0 privacy infrastructure and can be integrated into any blockchain.

The partnership will provide privacy to all traffic on Near’s blockchain, allowing users to access NFTs, DeFi and dApps in private, according to the press release.

“The open, transparent nature of public permissionless blockchains means that transaction data is visible to anyone who cares to look, and even off-chain information like IP addresses and geolocation data can be vulnerable to being exposed,” said the press release.

The statement added that through the collaboration, Nym will mask off-chain metadata traffic, protect transaction data in transit, and make it much more difficult for adversaries to "de-anonymise" users via their public IP addresses.

Near will host its annual conference, Nearcon, in Lisbon next week.

Edited by Aoyon Ashraf.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.