Wormhole garners whopping $2.5B valuation as new unit emerges

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Cross-chain pro­to­col Worm­hole has for­mal­ly launched a prod­uct devel­op­ment-focused unit in tan­dem with a $225 mil­lion fundraise. 

The raise gives the inter­op­er­abil­i­ty plat­form a $2.5 bil­lion val­u­a­tion, the com­pa­ny said in a Wednes­day announcement. 

Worm­hole is backed by investors includ­ing Bre­van Howard, Coin­base Ven­tures, Mul­ti­coin Cap­i­tal, Jump Trad­ing, ParaFi, Dialec­tic, Bor­der­less Cap­i­tal and Arring­ton Cap­i­tal. It was not imme­di­ate­ly clear which investors par­tic­i­pat­ed in the lat­est round. 

“We’re laser-focused on bring­ing solu­tions to mar­ket that solve real prob­lems for our cus­tomers and end-users, and are on a mis­sion to enable real-world impact from the Web3 space,” Worm­hole Foun­da­tion Chief Com­mer­cial Offi­cer Robin­son Burkey said in a statement. 

The Worm­hole Foun­da­tion also revealed the for­mal launch of Worm­hole Labs Wednes­day — an inde­pen­dent tech com­pa­ny to be led by Saeed Badreg. The executive’s LinkedIn page says he has been work­ing as Worm­hole Labs’ CEO since August.

Bloomberg report­ed ear­li­er this month that Badreg, along with fel­low Worm­hole exec­u­tive — Chief Oper­at­ing Offi­cer Antho­ny Ramirez — had split from Jump Cryp­to to run the pro­to­col as an inde­pen­dent entity. 

Since launch­ing in 2021, Worm­hole has trans­ferred rough­ly $35 bil­lion in val­ue. It rou­tine­ly process­es 2 mil­lion cross-chain mes­sages across 30-plus chains dai­ly, accord­ing to the company. 

The pro­to­col was hacked for rough­ly $320 mil­lion last year — at which time Jump Trad­ing cryp­to arm Jump Cryp­to stepped in to replace the funds.

Badreg said in a state­ment that Worm­hole was found­ed with the vision of a world in which large com­pa­nies increas­ing­ly use pub­lic and pri­vate blockchains. Such a trans­for­ma­tion has start­ed to take shape via the tok­eniza­tion of real-world assets, for exam­ple — or as blockchains are used for oth­er use cas­es to boost effi­cien­cy and low­er costs.

Read more: JPMor­gan adds ‘holy grail’ pay­ments fea­ture as part of blockchain push

Badreg added: “We reaf­firmed our com­mit­ment to this vision by launch­ing Worm­hole Labs, ded­i­cat­ed to advanc­ing the tech­nol­o­gy that makes effi­cient blockchain-to-blockchain com­mu­ni­ca­tion possible.”

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