Tuesday, August 9, 2022
HomeCryptocurrencyDefi Cross-chain Interoperability Protocol Nomad Raises $22.4m from Crypto Leaders

Defi Cross-chain Interoperability Protocol Nomad Raises $22.4m from Crypto Leaders


Defi cross-chain interoperability protocol Nomad has secured a $22.4 million seed round from the crypto industry leader.

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Crypto investment firm Polychain led the round. Crypto.com Capital, Wintermute, Gnosis, Algaé and Polygon participated. Other participants include newcomers Coinbase Ventures, OpenSea,

This financing round will be used to expand Nomad to other blockchains, helping it create a more secure cross-chain bridge encryption ecosystem, where different blockchains can communicate more securely and cost-effectively, avoiding hackers – such as The $625 million attack on Axie Infinity’s Ronin network in March.

Anurag Arjun, the co-founder of Polygon, said, “Because Nomad provides a trust-minimized protocol for cross-chain messaging, there are potential applications that go well beyond just token bridging. We look forward to seeing some exciting new use cases come to life on-chain.”

Nomad is a cross-chain communication protocol that uses an Optimistic fraud-proof mechanism to ensure network security. Optimistic verification allows observers to challenge messages through on-chain fraud proofs without relying on custodians or validators.

Currently, Cross-Chain Bridge Nomad has more than 14,000 users and has completed a total transaction volume of $700 million.

Nomad currently supports cross-chain operations on the Ethereum mainnet and Moonbeam, Evmos and Avalanche blockchains, through which developers can build cross-chain applications (or xApps) such as token bridges, native cross-chain assets, cross-chain governance applications, etc.

Image source: Shutterstock

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