Wormhole Sells $225M of Token Warrants in 2023’s Largest Crypto Raise
The cross-chain protocol was spun off by Jump Trading last month.
By: Owen Fernau • Loading...
DeFi![Wormhole Sells $225M of Token Warrants in 2023’s Largest Crypto Raise](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F30eaaa3d9cb0dde2660063d8bf43578f480620be-828x466.webp&w=828&q=75)
Wormhole, a protocol that enables tokens and data to move across blockchains, has secured $225M in funding at a $2.5B valuation. Investors include Coinbase Ventures, Multicoin Capital, which led Solana’s seed round in 2019, and Breven Howard, a well-known hedge fund.
The raise was entirely for token warrants, which grant holders rights to tokens at a future date, according to Fortune. Wormhole doesn’t yet have a publicly traded token, making it a strong candidate for an airdrop.
Wormhole’s raise contrasts with the overall crypto funding environment, which has trended downward since peaking at over $7B raised in October 2021.
![Crypto VC Funding chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fd53230f36c052d9058426e6ae5fb49891399a535-652x308.jpg&w=828&q=100)
Jump Trading Group, which incubated Wormhole, spun off the project earlier this month. Employees left Jump to develop the cross-chain protocol as an independent entity.
Wormhole doesn’t have a spotless security record — hackers exploited the project for an estimated $320M in early 2022. This is par for the course in the cross-chain protocol space, which has been a prime target in crypto.
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