Connect with us

News

Wormhole closes $225 million funding round

Published

on

Wormhole, a cross-chain protocol, has successfully raised $225 million in a recent funding round. The announcement, shared on Wormhole’s Twitter account, revealed that the round was led by prominent investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.

In a separate blog post, Wormhole also announced the launch of Wormhole Labs. This independent technology company is dedicated to supporting the main firm by developing products, tools, and reference implementations that facilitate cross-chain activity and development.

Launched in 2021, the Wormhole platform is used to bridge assets, power Oracle data feeds, and transfer non-fungible tokens. Since its launch, it has facilitated over $35 billion in transactions across blockchain networks such as Ethereum and Solana, as well as 28 other chains, processing over 2 million cross-chain messages daily.

Regarding the funding round, Dan Reecer, Wormhole Foundation’s Chief Operating Officer, noted, “We are grateful to have reached this milestone with the support of such a strong group of backers as we continue to deliver critical infrastructure for Web3.” 

He added, “We are ecstatic to bring more new and groundbreaking products to market as we head into next year and look forward to continuing to support our ecosystem of developers who are building with our tools every day to expand their businesses and build great experiences for.

Meanwhile, CEO Saeed Badreg reaffirmed the protocol’s commitment to the vision of advancing the technology that makes efficient blockchain-to-blockchain communication possible. According to Badreg, this vision inspired the launch of Wormhole Labs.

In February 2022, Wormhole suffered an exploit via an unauthorized minting glitch on its Ethereum-Solana bridge, resulting in a loss of over $300 million. Following the hack, venture capital firm Jump Crypto pledged to replenish more than $320 million in funds lost during the attack.

 

Read also: SBI Holdings partners with Circle for USDC circulation and web3 services

 

0 0 votes
Article Rating
Advertisement Earnathon.com
Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts

0
Would love your thoughts, please comment.x
()
x