Polychain and Bitmain invested $ 10.7 million in NuCypher startup

NuCypher blockchain startup raised $ 10.7 million through the sale of SAFT contracts.

A round of financing led by the Polychain Capital cryptocurrency fund. Among investors are Bitmain, Bitfury, Arrington XRP Capital and others.

6 / Led by @polychaincap w / participants @BITMAINtech @BitfuryGroup @ycombinator @ boshen1011 @fenbushi @josh_nussbaum @CompoundVC @notationcapital @ 0xDHVC @ed_roman @hack_vc @hashed_official @arringRPcapton

– NuCypher (@NuCypher) October 7, 2019

Tokensale participants acquired 8% of the initial issue of 1 billion coins. In 2017, the project has already sold 31% of tokens for $ 4.4 million. At the time of writing, the startup’s investment valuation is $ 133 million, The Block reports.

NuCypher is developing data encryption technology in public blockchains, access to which can be obtained only when certain conditions are met.

Recall that earlier NuCypher proposed a new token sale model called WorkLock, which provides incentives for investors to use tokens for their intended purpose, rather than selling for short-term profit.

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