Wormhole raises $225M at $2.5B valuation

Cross-chain protocol Wormhole has secured a $225 cardinal concern astatine a valuation of $2.5 billion.

According to the Nov. 29 announcement, the concern circular was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital. 

The Wormhole Foundation besides announced the motorboat of Wormhole Labs, which the institution says "is an autarkic exertion institution that specializes successful gathering products, tools, and notation implementations that assistance turn cross-chain enactment and development." Currently, its blockchain-to-blockchain communications exertion is utilized to span assets, powerfulness oracle information feeds, and transportation non-fungible tokens.

Wormhole was launched successful 2021 and has since facilitated implicit $35 cardinal successful transactions. Developers assertion that the protocol processes implicit 2 cardinal cross-chain messages crossed much than 30 chains each day. 

In February 2022, Wormhole was hacked for much than $321 million from an unauthorized minting glitch connected its Ethereum-Solana bridge. Shortly aft the incident, task superior steadfast Jump Crypto pledged to replenish much than $320 cardinal successful funds mislaid during the hack. 

In May investors of the erstwhile Terra Luna ecosystem filed a lawsuit against Jump Trading, the high-frequency trading steadfast which owns Jump Crypto, alleging the steadfast and its CEO, Kanav Kariya, manipulated the terms of TerraUSD to summation astir $1.3 cardinal successful profits. The allegations person not yet been proven successful court. 

Related: Jump Crypto replenishes funds from $320M Wormhole hack successful largest-ever DeFi 'bailout'