Cross-chain protocol Wormhole has successfully raised $225 million in a funding round, attaining a valuation of $2.5 billion. The investment, announced on November 29, was led by prominent firms such as Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
Wormhole, which was launched in 2021, operates as a cross-chain protocol facilitating blockchain-to-blockchain communication. The protocol has played a significant role in bridging assets, powering oracle data feeds, and transferring non-fungible tokens (NFTs). It claims to have processed over $35 billion in transactions since its inception, handling more than 2 million cross-chain messages daily across over 30 different blockchain networks.
In February 2022, Wormhole experienced a security incident where unauthorized minting glitches on its Ethereum–Solana bridge led to a hack totaling over $321 million. Following the hack, Jump Crypto, a venture capital firm, committed to replenishing the lost funds, contributing more than $320 million to address the security breach.
Wormhole’s latest funding round comes as it establishes the Wormhole Labs, described as an independent technology company focused on building products, tools, and reference implementations to support cross-chain activity and development.
The successful fundraising and the protocol’s growing presence in the cross-chain space mark a significant development for Wormhole, which continues to play a key role in facilitating interoperability across diverse blockchain networks.