Security-first cross-chain messaging protocol Nomad made an announcement about its $22.4 million seed round on April 2022, participated by crypto industry powerhouses Coinbase Ventures, OpenSea, Crypto.com Capital, Wintermute, Gnosis, Algaé, and Polygon.
Polygon’s co-founder, Anurag Arjun, said they are looking forward to Nomad’s trust-minimized protocol for cross-chain messaging as it can potentially be used for more things other than just token bridging.
Nomad aims to create a safer crypto ecosystem where blockchains can communicate seamlessly and securely with each other. This year, the number of cases where hackers exposed vulnerabilities in cross-chain bridges and caused a loss of more than $1.5 billion. This urged the industry to prioritise security-first solutions to keep users, funds and messages safe.
Secure cross-chain messaging plays a key role in tying decentralized finance ecosystems together and realising the true potential of block space across chains.
Nomad’s protocol makes use of optimistic verification to strengthen security without relying on custodians or validators, with only a requirement of a single watcher to keep the entire system safe, unlike the other validator-based cross-chain bridges.
Nomad has garnered nearly $700 million in total transaction volume from its user base consisting of 14,000 unique users to this day.
