The investment round was accompanied by the launch of Wormhole Labs, an independent technology company that “emerged from stealth to become a major contributor to Wormhole.”
Wormhole, a blockchain protocol designed to address the interoperability challenges of pioneering blockchain networks such as bitcoin and ethereum, has raised $225 million in funding, driving the company’s total valuation to a new high of $2.5 billion.
According to an official advertisement On Wednesday, the cross-chain protocol revealed that notable investors including Jump Trading, Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, and Arrington Capital participated in the funding round. The company wrote:
“We are grateful to have reached this milestone with the support of such a strong group of sponsors as we continue to provide critical infrastructure for Web3.”
Wormhole plans to introduce more products next year
Wormhole plans to use the funds to introduce more products and infrastructure to the market to promote the platform next year. The protocol will also allocate a portion of capital to help developers use its tools to build everyday applications, with the goal of expanding their businesses and creating exceptional user experiences.
Wormhole is one of the few crypto companies to have received such a significant amount of funding since the crypto winter of 2022 due to reduced interest among venture capitalists.
Recently, other crypto companies, such as Blockchain.com, a digital asset trading company, and LayerZero Labs, a blockchain infrastructure provider, also raised substantial funding from institutional investors, pushing their valuations past the billion threshold. of dollars.
Wormhole introduces wormhole labs for cross-chain expansion
The investment round was accompanied by the launch of Wormhole Labs, an independent technology company that “emerged from stealth to become a major contributor to Wormhole.”
Wormhole said the new unit will focus on creating products, tools and reference implementations to expand cross-chain development activities.
“Almost three years ago, Wormhole launched with a vision of a world similar to the one we see today. Where the relentless expansion of blockchains is not a temporary niche trend but a lasting transformation. Where Fortune 100 companies incorporate public and private blockchains. We reaffirm our commitment to this vision by launching Wormhole Labs, dedicated to advancing the technology that enables efficient communication between blockchains,” said Saeed Badreg, executive of the newly formed company.
Wormhole separates from Jump Trading
The introduction of Wormhole Labs follows Wormhole’s recent separation from its parent company, Jump Trading, after the protocol resumed operations following a $321 million exploit in February.
Earlier this year, investors launched legal action against Jump Trading for its association with the former Terra ecosystem, which collapsed last year.
The lawsuit alleged that the company, along with its CEO Kanav Kariya, participated in price manipulation of TerraUSD, resulting in approximately $1.3 billion in profits.
With the recent separation of Jump Trading, Wormhole now operates as a separate entity. Some senior Jump Trading executives have joined Wormhole in his new mission.
The cross-chain bridge has facilitated the transfer of over $35 billion in cryptoassets and processes over two million cross-chain messages across 30 protocols daily.
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