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Wormhole

Wormhole Sets New Fundraising Record With $225 Million, Announces Departure From Jump Crypto

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Ripple CTO Calls For Congressional Action On Securities Laws

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

Wormhole, which was launched in August 2021, has encountered its fair share of challenges. In February 2022, the protocol suffered a substantial hack resulting in the loss of approximately $320 million, making it one of the largest cryptocurrency hacks in history. In response, Jump Crypto stepped in to replenish the lost funds.

Nevertheless, the subsequent regulatory landscape and market downturn in 2022 further tested Jump Crypto’s resolve. The company faced scrutiny when the US Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs, revealing Jump Crypto’s involvement as a “third party” in support of the stablecoin TerraUSD. 

Consequently, Jump Crypto withdrew from US crypto trading activities and severed ties with Robinhood, the online stock brokerage.

Protocol Development And Team Expansion

Seeking to reshape the narrative surrounding the protocol, Saeed Badreg, CEO of Wormhole Labs, expressed optimism about the transformative impact of the $225 million raise. 

With the formation of Wormhole Labs in May and the subsequent departure of the core team from Jump Crypto, the company aims to focus exclusively on developing its protocol. 

According to Badreg, the funding will be instrumental in expanding the team, advancing protocol development, and fostering developer adoption.

Related Reading: Dogecoin Ready For Blast-Off: NTIA Approves DOGE Moon Mission

On the same note, Robinson Burkey, Chief Commercial Officer at Wormhole Foundation, views this funding milestone as an opportunity for a fresh start and the realization of the protocol’s vision. 

Wormhole
The total crypto market cap with sideways price action on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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