In advanced communication, the famous messaging protocol Wormhole raised approximately $225 million from a funding round led by the European investment company Brevan Howard. Other participants in the successful fundraising included Coinbase Ventures, ParaFi, Arrington Capital, Borderless Capital, and Jump Trading. The multimillion-dollar investment propelled Wormhole’s firm value to reach $2.5 billion.
Wormhole Raises $225 Million in a Funding Round
The investment came when Wormhole gained global recognition as the leading cross-chain messaging protocol that allows developers to create decentralized applications on the blockchain network.
The exciting growth has inspired the Chicago-based crypto firm to launch an independent tech company, Wormhole Labs. The launching of the new entity aims to promote innovation and the development of cutting-edge products that foster the growth of cross-chain activities.
With the latest development, the Wormhole blockchain-to-blockchain communications technology has gained popularity in powering Oracle data feeds and supporting the transfer of non-fungible tokens (NFTs).
Despite the recent upgrades on the Wormhole platform, the company has supported over $35 billion in transactions since it was launched. The developments on the Wormhole platform play a pivotal role in processing over 2 million messages across 30 different chains daily.
Remarkably, from 2021, Wormhole has managed to establish a strong market presence in the digital sector. A few months ago, Wormhole separated from its parent company, Jump Trading Group, shortly after it doubled down its crypto operation.
Impact of FTX Impolsion on Entire Crypto Market
The changes forced some of the top-level executives of Jump Trading to join Wormhole to support the firm in operating independently. At that time, the Jump claimed to have suffered significant losses from the collapse of the Bahamian crypto exchange FTX.
The dramatic separation between Wormhole and Jump Trading came months before the messaging protocol was hit by a multimillion-dollar exploit. In February 2022, the attackers launched a malicious attack on Wormhole protocol, heisting assets worth $320 million.
The Wormhole exploit was ranked among the largest hacking incidents to be witnessed in decentralized finance (DeFi). The attack interrupted Wormhole developments, delaying most of the core projects. Following the attack, Jump Crypto offered financial support to Wormhole to help the firm restore operations.