Nomad, a protocol that allows users to send messages and bridge assets to different blockchains, announced that it has raised $22.4 million in its most recent seed round at a $225 million valuation .
The funding round was led by Polychain and included 1kx, Ethereal, Hack VC, Circle Ventures, Amber, Archetype, Lattice, A&T Capital, Hypersphere, Dialectic, Breyer Capital, Figment, LedgerPrime, Robot Ventures, Continue Capital, Wave Financial, Open Web Collective and many more funds and angels.
Nomad will use the fresh capital to hire more employees, increase Nomad’s awareness, and expand Nomad’s products into more ecosystems. As the protocol notes in its announcement, following recent hacks on blockchain bridges, it hopes to use Nomad to provide a security-focused interoperability solution that can be rapidly deployed.
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What is nomad?
Nomad is a “security-focused, cross-chain messaging system,” according to its website. Users can bridge their assets across multiple blockchains. To increase the security of its bridge, the protocol uses an optimistic mechanism similar to that used in optimistic rollups. It currently allows users to bridge assets from Ethereum to Moonbeam, an EVM-compatible blockchain on Polkadot, and Ethereum to Cardano via Milkomeda.
The protocol aims to expand its offering with Evmos, a project to connect the Cosmos and Ethereum ecosystems, and Solana via Neon EVM, a software environment on Solana that allows developers to create Ethereum-based applications for virtual machines. It’s also partnered with Connext to leverage its low-latency liquidity pools, allowing customers to transfer assets in minutes, rather than the 30 minutes Nomad now requires.
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