Jump Trading & Wormhole Split in Tough Crypto Climate: A Look at the Fallout

• Jump Trading Group Ends Collaboration with Wormhole
• Details of the Split
• No Comment from Jump
• Further Setbacks for Jump's Crypto Division

Jump Trading Group Ends Collaboration with Wormhole

Jump Trading Group, the parent company, has officially ended its partnership with its crypto endeavour, Wormhole, according to recent reports by Bloomberg. The decision marks Jump Trading's ongoing retreat from the unstable digital-assets industry. Notably, a number of top-ranking employees from Wormhole, including the CEO and the COO, have parted ways with Jump, opting to operate Wormhole as a standalone entity.

Details of the Split

Insiders familiar with the development revealed that this severance comes less than two years following Jump's $320 million investment into Wormhole. The substantial funding was provided after the inter-blockchain messaging platform experienced a significant security breach. As of now, it is yet to be determined whether Jump Trading initiated this spinoff, or how many employees left the firm as a result of the separation.

No Comment from Jump

A representative from Jump Trading chose not to respond to queries for comments made by CoinDesk.

Further Setbacks for Jump's Crypto Division

This separation is the latest in a series of business separations to impede the progress of Jump's diminishing crypto division. A CoinDesk report revealed that Jump Trading and Robinhood terminated their business partnership in early July.

Edited by Jonathan Stoker