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NuCypher Raises Over $10M From Polychain Capital, Bitmain, and Other Notable Investors

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NuCypher Polychain Capital $10.675 professional staking funding round

NuCypher recently announced on a blog post on Oct. 7, that they have closed a professional staking funding round of over $10.675 million led by Polychain Capital.

Moreover, the other notable investors are mining giant Bitmain, as well as, Bitfury the largest industrial miner outside China. Other investors are startup accelerator Y Combinator, Arrington XRP Capital, Fenbushi Capital and many more.

It was also stated that the investors purchased 8% of the initial supply of NU tokens in total.  The mentioned investors also agreed to stake-lock their tokens for two years guaranteeing “high-level stability and professional service to the NuCypher network.” There are also investors who will be running NuCypher’s node but weren’t specified in the blog post.

Upcoming public testnet

NuCypher also announced the launch of its public testnet running on the Ethereum Görli network on the same blog post. Anyone can now request testnet tokens and deploy nodes alongside with the professional staking operators. Users can request testnet tokens in the company’s Discord channel.

Professional staking operators include Bison TrailsFigment NetworksStakedInfinity StonesCryptium LabsChainflowDokia CapitalPolychain LabsGrassfed NetworksP2P ValidatorHashquarkEverstakeBlockdaemon, and hundreds of community members around the world.

Lastly, the startup concludes:

“From here, we have a relatively clear road from public testnet to incentivized testnet to WorkLock token distribution to mainnet launch!”