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The Biggest Crypto Raise of 2023: Wormhole Raises $225 Million

Wormhole, the protocol developing cross-chain communication solutions, has raised $225 million, in a funding round valuing the company at $2.5 billion. Investors in the round included Brevan Howard, Dialectic, Jump Trading, ParaFi, Multicoin Capital, Arrington Capital, Borderless Capital, and others.

In addition to the fundraising, the Wormhole team has announced the launch of Wormhole Labs, a separate entity that will continue to develop the cross-chain protocol’s products, tools, and reference implementations.

Against All Odds: Wormhole’s breakthroughs despite turbulence

The impressive capital inflow makes it the largest funding crypto-related funding round of 2023. This is significant statement of investor confidence in the project, despite its recent troubles. This is Wormhoke’s first solo fundraising round since its split from Jump Trading earlier this month, and the figure signals that it is doing just fine.

Following a hack last year, Wormhole lost 120,000 ETH, which was equivalent to $323 million at the time. However, Jump Crypto came to the rescue and restored the stolen funds back. With the creation of Wormhole Labs, the company has now defined its own path, following its separation from Jump Crypto.

Wormhole has developed a technology that enables users to transfer digital assets from one blockchain to another. In addition, the company says that its infrastructure has transfered $35 billion worth of asset value since its launch. Furthermore, it claims that it processes over 2 million cross-chain communications spanning over 30 chains every day.

Despite the mixed performance of the blockchain assets market for most of the past year, many investors still view it as the technology of the future. For instance, a growing number of large organisations are embracing both public and private blockchain technology. They are particularly drawn to its potential for improving transaction efficiency and tokenizing physical assets.