Cross-chain messaging protocol Nomad raises $22M at a $225M valuation

Nomad, a protocol that allows users to send messages and bridge assets to different blockchains, announced that it had raised $22.4 million at a $225 million valuation in its recent seed round.

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 fresh capital to hire more employees, increase Nomad’s awareness, and expand Nomad’s products to more ecosystems. As the protocol states in its announcement, after the recent hacks on blockchain bridges, it hopes with Nomad to provide a security-first interoperability solution that can be deployed quickly.

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What is Nomad?

Nomad is a “security-first cross-chain messaging system,” according to its website. Users can bridge their assets to several blockchains. To strengthen 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 broaden its offerings to include Evmos, a project designed to connect the Cosmos and Ethereum ecosystems, as well as Solana via Neon EVM, a software environment on Solana that allows developers to create Ethereum virtual machine-based apps. It’s also partnered with Connext to leverage its low latency liquidity pools, letting customers transfer assets in minutes rather than the 30 minutes that Nomad now takes.

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