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DeFi cross-chain interoperability protocol Nomad has secured a $22.4m (£18.4m) seed round from leading investors in the cryptocurrency industry.
Crypto investment firm Polychain led the round, with participation from Coinbase Ventures, Crypto.com Capital, OpenSea, Wintermute, Gnosis, Algaé and Polygon.
This funding round will be used to expand Nomad to other blockchains, creating a more secure cross-chain bridge crypto ecosystem where different blockchains can communicate in a more secure and cost-effective manner. help you to
Nomad hopes this will combat the ability of hackers to exploit security vulnerabilities facing cross-chain bridges like £468m. attack On the Ronin Network at Axie Infinity in March
Polygon co-founder Anurag Arjun said: We look forward to enabling some exciting new use cases on-chain. ”
Nomad is a cross-chain communication protocol that uses optimistic fraud prevention to ensure network security. Optimistic validation allows observers to dispute messages through on-chain proof of fraud without relying on custodians or validators.
Nomad’s cross-chain bridge currently has over 14,000 users and has completed a total transaction volume of £575 million.
Nomad currently supports cross-chain operations on the Ethereum mainnet and the Moonbeam, Evmos, and Avalanche blockchains. It allows developers to build cross-chain applications (or xApps) such as token bridges, native cross-chain assets, and cross-chain governance applications. more.
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