Wormhole, a messaging protocol for developers to communicate across different blockchains, has raised $225 million at a $2.5 billion valuation. This funding round, led by investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading, marks the largest funding round for a crypto project in 2023 [fe63794f].
The funding comes as Wormhole finalizes its split from Jump Crypto, which downsized due to regulatory scrutiny and industry challenges. In response, Wormhole has formed Wormhole Labs, a new company dedicated to developing the messaging protocol. The funds raised will be used to hire more employees, further develop the protocol, and incentivize developers to build on top of it [fe63794f].
Wormhole's messaging protocol enables developers to communicate across different blockchains, facilitating interoperability and collaboration in the crypto space. The protocol aims to address the challenge of siloed blockchains by providing a seamless and efficient way for developers to interact and share information [fe63794f].
The significant funding round and the establishment of Wormhole Labs signal a new beginning for Wormhole as it seeks to expand its reach and enhance its protocol. With the backing of prominent investors, Wormhole is well-positioned to drive innovation and foster collaboration in the crypto industry [fe63794f].
