Wormhole, a messaging protocol enabling cross-blockchain communication, has raised a landmark $225 million in funding and is now valued at $2.5 billion. According to Fortune, this is the largest funding round for a crypto project in 2023. The funding round attracted a diverse group of backers, including Brevan Howard, Coinbase Ventures, Multicoin Capital, and others.
In addition to the funding, Wormhole has announced the formation of Wormhole Labs, a new entity dedicated to protocol development. This marks a new chapter in the company’s growth trajectory as it splits from Jump Crypto. Wormhole Labs will be an independent technology company specializing in building products, tools, and reference implementations that help grow cross-chain activity and development.
This news comes after Wormhole faced a significant setback in 2022 when hackers targeted its bridge between Solana and Ethereum, leading to a substantial loss of over $200 million. However, Wormhole’s backers, including Jump Crypto, replenished the lost funds.
The recent fundraising success has been viewed as a turning point, potentially reshaping the narrative around Wormhole. Saeed Badreg, CEO of Wormhole Labs, sees this as a opportunity to push forward in “the relentless expansion of blockchains [which] is not a niche transient trend but an enduring transformation where Fortune 100 companies onboard both public and private blockchains.”
Wormhole is a decentralized, universal message-passing protocol in the blockchain communication network sector. Its technology enables interoperability between major blockchains like Ethereum and Solana, facilitating token and NFT transfers across chains. It reports over $35 billion in transaction value and processes over 2 million cross-chain transactions daily across multiple chains.
With its recent funding and strategic changes, Wormhole aims to play a significant role in shaping the future of blockchain technology. It is focused on its mission of fostering seamless communication across blockchain networks.