Wormhole Closes Round at $2.5 Billion Valuation After Jump Trading Split

Share this article

Blockchain interoperability project Wormhole announced today that it has successfully closed its funding round, raising $225 million at a $2.5 billion valuation. The raise comes on the heels of Wormhole parting ways with Jump Trading earlier this month.

Wormhole has secured $225 million in funding. Read more here:https://t.co/qRL109mNVg pic.twitter.com/JCnQAK8xSv

— Wormhole (@wormhole) November 29, 2023

This round marks Wormhole’s first official raise, although Jump Crypto, the crypto offshoot of high-frequency trading firm Jump Trading, had previously incubated the project for years.

Bloomberg reported this month that Jump Trading has pulled back its involvement in the digital asset space amid regulatory uncertainty in the US and decided to spin out Wormhole as a separate entity.

Wormhole also announced the launch of Wormhole Labs, an independent technology company building tools and reference implementations to grow cross-chain development on Wormhole’s network.

“We reaffirmed our commitment to this vision by launching Wormhole Labs, dedicated to advancing the technology that makes efficient blockchain-to-blockchain communication possible,” said Saeed Badreg, co-founder and CEO of Wormhole Labs.

The investor group includes Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading. The stakeholders will receive token warrants rather than equity in Wormhole, a common mechanism for crypto fundraising.

Last year, Wormhole suffered a hack resulting in the loss of 120,000 ETH worth $323 million at the time. Jump Crypto stepped in to restore the stolen funds a day later.

Share this article