NEAR Price Skyrockets Following Partnership Announcement with Nym, Ahead of Nearcon
NEAR Protocol has experienced a significant price surge after the Near Foundation announced a partnership with infrastructure security startup Nym Technologies.
NEAR Price Soars After Partnership Announcement with Nym, Ahead of Nearcon. Photo: Nym
Last night (November 1st), NEAR Protocol officially announced its collaboration with Nym Technologies, a project focused on developing security infrastructure backed by investments from Binance Labs and a16z.
As per the agreement, they will integrate Nym's mixnet into the Near ecosystem. Nym's mixnet is a layer-0 security infrastructure compatible with every blockchain. Additionally, Nym's solution will enhance transaction privacy on Near, ensuring users' personal information remains secure when accessing NFTs, DeFi, and dApps.
🎉 Nym is thrilled to announce a groundbreaking partnership with @NEARProtocol!
— Nym (@nymproject) November 1, 2023
The Nym mixnet will be integrated into the NEAR ecosystem to provide unparalleled privacy to all traffic transmitted across the blockchain. 🚀 Learn more: https://t.co/jqtVYzlbN4 pic.twitter.com/xH2wsOyZmL
The announcement further stated that through this collaboration, Nym will obfuscate data traffic off-chain, safeguard transaction information, and make it difficult for adversaries to identify users through public IP addresses.
NEAR's price immediately surged by 13% within 24 hours, outperforming most other cryptocurrencies in the market. At the time of writing, the upward momentum shows no signs of abating, with NEAR reaching $1,576 in early morning trading.
1-hour chart of NEAR/USDT pair on Binance as of 09:15 AM on November 2, 2023
On the other hand, NEAR Protocol is set to host its annual conference, Nearcon, in Lisbon next week, which is expected to further boost the token's prospects in the near future. Conversely, NEAR Foundation parted ways with CEO Marieke Flament just last month, after her two-year tenure dedicated to the protocol.
