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Near Token Rallies Amid Nym Partnership, Ahead of Nearcon Conference
The Near Foundation announced a partnership with Nym Technologies, a privacy-focused infrastructure startup.
Updated Nov 1, 2023, 2:53 p.m. Published Nov 1, 2023, 2:53 p.m.
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.
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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.
Read more: Nym Technologies Attracts $300M in Crypto Fund Commitments for Privacy Infrastructure
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