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The team behind the Nomad cross-chain bridge closed a $22 million seed funding round at a $225 million valuation led by Polychain Capital.
gm! We’re excited to announce that we’ve closed our $22M seed round led by @polychain, and with participation from @1kxnetwork, @etherealvc, @hack_vc, and many other amazing funds and angels!https://t.co/ rKmJaRDJhC pic.twitter.com/3y7998lwGx
— Nomad (@nomadxyz_) April 12, 2022
Funding was also provided by 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 other venture funds and business angels.
The startup will use the funds received to add support for new networks, marketing goals, strengthening the team and a gradual transition to decentralization.
Nomad is currently active on Ethereum, Moonbeam and Milkomeda.
The protocol uses “fraud proofs” like in the Optimistic Rollup. This allowed for a lower-trust cross-chain bridge that can be easily deployed across different ecosystems. The technology eliminated the need for multi-signatures, validators, and oracles.
2/ Optimistic bridges usher in a new paradigm for cross-chain communications. No need to rely on multisigs, oracles, or validators to verify cross-chain messages. Our friends at @connextnetwork wrote more about this here: https://t.co/HHtV2iwJQU
— Nomad (@nomadxyz_) April 12, 2022
As a reminder, Nomad is compatible with zkSync 2.0. In February 2022, the Matter Labs team deployed the first EVM-Interoperable layer 2 solution based on ZK-Rollup technology on the Ethereum testnet.
What are cross chain bridges?
CertiK, a startup focused on auditing the security of smart contracts, has predicted an increase in the number of new malicious attacks, mainly related to cross-chain bridges and instant loans.
Since the beginning of 2022, the figure has reached $1.22 billion as a result of incidents with Ronin Network, Wormhole, Qubit Finance and Meter.
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Source: forklog.com
