Nomad, a protocol that allows users to send messages and link assets to different blockchains, announced that it raised $22.4 million at a valuation of $225 million in its recent round of table.
The funding round was led by Polychain and with participation from 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 new capital to hire more employees, increase Nomad’s brand awareness, and expand Nomad’s products to more ecosystems. As the protocol states in its announcement, after recent blockchain bridge hacks, it hopes with Nomad to provide a security-focused interoperability solution that can be deployed quickly.
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What is Nomad?
Nomad is a “security-focused cross-chain messaging system,” according to its website. Users can link their assets to multiple blockchains. To enhance the security of its bridge, the protocol uses an optimistic mechanism similar to that used in optimistic rollups. It currently allows users to link assets from Ethereum to Moonbeam, an EVM-enabled blockchain on Polkadot, and from Ethereum to Cardano via Milkomeda.
The protocol aims to expand its offerings to include Evmos, a project designed to connect the Cosmos and Ethereum ecosystems, as well as Solana through Neon EVM, a software environment on Solana that allows developers to build applications based on the Ethereum virtual machine. It has also partnered with Connext to take advantage of its low-latency liquidity pools, allowing clients to transfer assets in minutes instead of the 30 minutes that Nomad currently takes.