Wormhole: Blockchain Messaging Giant Hits $2.5B Valuation, Raises $225M

• Wormhole Secures $225 million in Funding Round
• Details on the Funding Round
• Launch of Wormhole Labs
• Separation from Jump Trading Group
• Management Changes
• Rare Valuation Post Crypto Bear Market

Wormhole Secures $225 million in Funding Round

Wormhole, a developer platform enabling communication between varied blockchain networks, has successfully raised $225 million, reaching a $2.5 billion valuation. This funding round mirrors the zenith of the previous crypto bull run.

Details on the Funding Round

The funding round saw participation from Wormhole's ex-supervisors, Jump Trading. Other notable backers include Brevan Howard, Coinbase Ventures, and Multicoin Capital.

Launch of Wormhole Labs

Alongside the funding announcement, the company introduced Wormhole Labs, a key contributor to the platform. Wormhole Labs aim to specialize in creating products and tools to enhance cross-chain activities and development, as per an announcement received via email on Wednesday.

Separation from Jump Trading Group

In recent news, Wormhole was spun-off from its parent company, Jump Trading Group following a reduction in its crypto operations. Jump reportedly suffered a loss of approximately $300 million during the FTX$3.28 -5.38% collapse, as revealed in Michael Lewis's book, Going Infinite.

Management Changes

Several high-ranking employees from Wormhole, including the CEO and COO, reportedly left Jump earlier this month to manage the platform as an independent entity.

Rare Valuation Post Crypto Bear Market

Post the extended crypto bear market, only a handful of companies have succeeded in raising funds at such high valuations. Recently, Blockchain.com, a crypto exchange, and LayerZero Labs, a blockchain infrastructure provider, were among the companies that managed to raise funds with over a billion dollars valuation.

Edited by Jonathan Stoker