SAN FRANCISCO--(BUSINESS WIRE)--Nomad, a security-first cross-chain messaging protocol, announced today crypto industry giants Coinbase Ventures, OpenSea, Crypto.com Capital, Wintermute, Gnosis, Algaé, and Polygon as participants in their April 2022 $22.4 million seed round.
“Because Nomad provides a trust-minimized protocol for cross-chain messaging, there are potential applications that go well beyond just token bridging,” said Anurag Arjun, co-founder of Polygon. “We look forward to seeing some of those exciting new use cases come to life on-chain.”
Nomad’s primary goal is to create a safer crypto ecosystem where blockchains can communicate seamlessly and securely with each other. With more than $1.5 billion stolen this year by hackers exposing vulnerabilities in cross-chain bridges, the industry is in need of security-first solutions that maximize the safety of users, funds, and messages.
“Nomad’s optimistic security model is the gold standard for trust-minimized cross-chain communication,” said Pranay Mohan, CEO and co-founder of Nomad. “Our team is comprised of some of the most renowned experts in the interoperability space, and their work is bringing us closer to a world where cross-chain communication can be done securely and cost-efficiently.”
Secure cross-chain messaging is key to uniting DeFi ecosystems and unlocking the true power and potential of blockspace across chains. Nomad’s protocol is tackling this head-on, utilizing optimistic verification to provide a high level of security that allows watchers to challenge messages via on-chain fraud proofs, without relying on custodians or validators. Unlike validator-based cross-chain bridges, Nomad only requires a single honest watcher to keep the entire system safe.
To date, Nomad has facilitated nearly $700M in total transaction volume for more than 14,000 unique users. To learn more about Nomad and their cross-chain expansions, please visit nomad.xyz.
Nomad is an optimistic interoperability protocol that enables secure cross-chain communication. The goal of Nomad is to provide the connective tissue to empower end-users to interact securely across blockchains and developers to build cross-chain applications (or xApps) like token bridges, native cross-chain assets, cross-chain governance applications, and more.
Nomad is already live on Ethereum Mainnet, Moonbeam, Evmos, Avalanche, and we are rapidly expanding to many other chains. We're funded by some of the top VC firms and angels in the space, and are growing our team to scale out this vision for an interconnected topology of blockchains. If you believe the present and future are multichain, come build with us!