Wormhole Sets New Fundraising Record With $225 Million, Announces Departure From Jump Crypto
Summary
Wormhole, a messaging protocol for developers to communicate across different blockchains, has raised $225 million in a funding round, valuing the project at $2.5 billion. This is the most significant funding round for a cryptocurrency project in 2023. Key investors included Brevan Howard, Coinbase Ventures, and Jump Trading, among others. The investors will receive token warrants providing a share of the future cryptocurrency Wormhole plans to launch. Alongside this, the company announced the establishment of Wormhole Labs, a development assisting entity. This fundraising event also marks the completion of Wormhole's split from Jump Crypto, which in turn aligns with Jump Crypto's downsizing strategy amid increased regulatory scrutiny.
