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Nomad cross-chain bridge developers raise $22 million

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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.

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.

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

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