Nomad Announces Strategic Investments from Coinbase Ventures, OpenC, Crypto.com Capital, Polygon as Part of Seed Funding

San Francisco–(business wire) – Nomad, a security-first cross-chain messaging protocol, today acquired cryptocurrency industry giants Coinbase Ventures, OpenSea, Crypto.com Capital, Wintermute, Gnosis, Algaé, and Polygon as participants in a $22.4 million seed round in April 2022 declared as.

“As Nomad provides a trust-minimizing protocol for cross-chain messaging, there are potential applications that go 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.”

The primary goal of Nomad is to create a secure crypto ecosystem where blockchains can communicate with each other seamlessly and securely. With more than $1.5 billion stolen this year by hackers exposing vulnerabilities in cross-chain bridges, the industry needs security-first solutions that maximize the security of users, money and messages.

“Nomad’s optimistic security model is the gold standard for trust-minimizing cross-chain communications,” said Pranay Mohan, CEO and co-founder of Nomad. “Our team includes 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-effectively.”

Secure cross-chain messaging is the key to unifying the DeFi ecosystem and unlocking the true power and potential of Blockspace across all chains. Nomad’s protocol is tackling this head-on by using optimistic verification to provide a high level of security that allows viewers to challenge messages via on-chain fraud proofs, without relying on custodians or validators. allows. Unlike validator-based cross-chain bridges, Nomad requires only one honest watcher to secure the entire system.

To date, Nomad has facilitated approximately $700M in total transaction volume for over 14,000 unique users. To learn more about Nomad and their cross-chain extension, visit nomad.xyz.

about the nomad

Nomad is an optimistic interoperability protocol that enables secure cross-chain communication. Nomad aims to enable end-users to create cross-chain applications (or xApps) such as token bridges, native cross-chain assets, cross-chain governance applications, and more, the connective tissue between blockchain and developers to securely interact. is to provide. ,

Nomad is already live on Ethereum Mainnet, Moonbeam, Evmos, Avalanche, and we are rapidly expanding to many other chains. We are funded by some of the top VC firms and angels in the space, and are growing our team to drive this vision for an interconnected topology of blockchain. If you believe that present and future are multi-chain, build with us!

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