Cross-Chain Bridge Nomad Reveals April Seeding Round Backed by Crypto Juggernauts

Cross-chain messaging protocol, Nomad, revealed Thursday that a plethora of crypto juggernauts participated in their $22.4 million seed round announced in April, according to a press release. 

The seed round that brought their valuation to $225 million was announced on April 22. However, the announcement came without disclosing some of the big names that participated in the funding round. Instead, they said the funding round was led by Hack VC, 1kx, Ethereal Ventures, Circle and more. 

Now we know that more crypto heavyweights were a part of the funding round, including Coinbase’s venture capital arm, non-fungible token (NFT) marketplace OpenSea, Crypto.com Capital, Wintermute, decentralized finance (DeFi) platforms Gnosis and the Polygon blockchain. 

Nomad, is a security-first cross-chain messaging protocol, which allows blockchains and rollups to send data to each other. Nomad hopes to prevent expensive exploits, like the $625 million Axie Infinity’s Ronin Network exploit. Nomad uses optimistic verification, which allows anyone watching a blockchain a small time frame to challenge suspicious on-chain messages. 

“Nomad’s optimistic security model is the gold standard for trust-minimized cross-chain communication,” Pranay Mohan, CEO and co-founder of Nomad said. “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.”

Some example situations where Nomad thrives are bridging tokens across chains, asset issuers deploying tokens, decentralized autonomous organizations (DAOs) executing cross=chain governance and more. Here is a complete list of use cases according to the company's website. 

Anurag Arjun, Polygon co-founder also explained that there could be many more use cases for Nomad in the press release. 

Author: Tyler Irvin

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