Cross Chain Messaging Protocol Nomad Raises $22.4 Million Seed Round

Nomad has raised $22.4 million in a Seed round that closed in April, backed by well-known investors. Coinbase Ventures, OpenSea, Crypto.com Capital, Wintermute, Gnosis, Algaé, and Polygon all participated in the round.

Nomad’s mission is to create a safer crypto ecosystem where blockchains can communicate seamlessly and securely with each other. Nomad explains that, unlike validator-based cross-chain bridges, it only requires a “single honest watcher to keep the entire system safe.”

As over $1.5 billion has been pilfered in crypto scams this year involving cross-chain bridges, vulnerabilities should be obvious. Nomad says the industry is in need of security-first solutions that enable safe transfer of funds and messages.

Pranay Mohan, CEO and co-founder of Nomad, explained:

“Nomad’s optimistic security model is the gold standard for trust-minimized cross-chain communications. 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.”

Anurag Arjun, co-founder of Polygon, said that because Nomad provides a “trust-minimized protocol” for cross-chain messaging, there are other potential applications.

Nomad reports that since its launch it has facilitated nearly $700 million in total transaction volume for more than 14,000 unique users.

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