In a recent report by Fortune Magazine, it was revealed that Wormhole, a messaging protocol that allows developers to communicate across different blockchains, has successfully raised an impressive $225 million, valuing the project at $2.5 billion.

Notably, the fundraising represents the most significant funding round for a cryptocurrency project in 2023. While this was technically Wormhole’s first raise, the project had been under development for several years by Jump Crypto, a division of Jump Trading Group, the infrastructure development and investment company of Web3.

Wormhole Announces Launch Of Wormhole Labs 

Per the report, the funding round did not have a lead investor, with participation from prominent entities such as Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading. 

In a departure from traditional equity investments, the investors’ stake will be in the form of token warrants, entitling them to a share of the future cryptocurrency that Wormhole plans to launch. The specifics of the token and its launch date have not yet been disclosed.

In addition to the fundraising success, the protocol also announced the establishment of Wormhole Labs, a new company that will assist in the company’s development. 

This significant capital injection also marks the finalization of the separation between Wormhole and Jump Crypto. According to Fortune Magazine, the split aligns with Jump Crypto’s “downsizing strategy” amidst increased regulatory scrutiny on Jump Trading’s crypto offshoot and the broader challenges faced by the industry.

Wormhole Overcomes Hacking Setback

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Author: Ronaldo Marquez

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