Wormhole, the messaging protocol facilitating communication across different blockchains, has successfully raised an impressive $225 million in its latest funding round, valuing the project at $2.5 billion.
This marks the largest funding round for a cryptocurrency project in 2023, as per Crunchbase’s Web3 tracker.
The funding was led collectively by various investors, including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading.
Wormhole, incubated by Jump Crypto, has played a crucial role in enabling developers to communicate across diverse blockchain networks. While technically the first official funding round for Wormhole, Jump Crypto has supported the project for several years.
The funding is unique as investors will receive token warrants instead of equity, providing them with a claim on a portion of the total supply of an upcoming cryptocurrency associated with Wormhole.
The raised capital will contribute to the development of Wormhole Labs, a newly formed entity set to advance the Wormhole protocol. The funding announcement also signifies the complete separation of Wormhole from Jump Crypto.
Wormhole has had a tumultuous journey, including a major hack in February 2022, where hackers exploited the protocol for approximately $320 million. Jump Crypto intervened to cover the lost funds.
The new capital injection and the establishment of Wormhole Labs signal a fresh start for the project, aimed at enhancing its capabilities and fostering developer adoption of its messaging technology across blockchain networks.
