Nomad raises $22.4 million to address the growing need for more secure blockchain interoperability

Nomad introduced that it has raised roughly $22.4 million in seed funding.

The spherical was led by Polychain Capital, with extra traders together with 1kx, Ethereal Ventures, hack.vc, Circle Ventures, Amber, Robotic Ventures, Hypersphere, Figment, Dialectic, Archetype, LedgerPrime, and a number of angels.

Nomad’s cross-chain messaging protocol tackles the rising want for safer blockchain interoperability. Uniquely, Nomad leverages an optimistic mechanism that enables off-chain watchers to problem cross-chain messages by way of fraud proofs. In contrast to validator-based cross-chain bridges, Nomad doesn’t depend on a big set of exterior events and just one sincere actor is required to maintain the whole system protected.

“In simply the previous half 12 months, over $1.5B of worth has been exploited as a result of bridge vulnerabilities. Determining the best way to present safer cross-chain messaging is essential to uniting DeFi ecosystems on thriving Layer 1 protocols and unlocking their mixed worth,” stated Pranay Mohan, CEO and Co-founder of Nomad. “By prioritizing security-first design, Nomad lets customers ship messages and bridge belongings safely, with the reassurance that sincere watchers can flag fraudulent exercise and defend the system.”

“Safe, cross-chain messaging protocols are vital for the way forward for decentralized finance as a result of all blockchains function independently. Significant decentralization can’t be achieved till folks and functions on completely different blockchains can talk by way of standardized protocols,” stated James Prestwich, CTO and Co-founder at Nomad. “Our protocol accelerates the adoption of cross-chain communications to assist bridge siloed defi ecosystems collectively in probably the most safe and cost-efficient manner.”