Major Funding for Wormhole
The inter-chain protocol Wormhole has recently announced securing $225 million in funding, resulting in a valuation of $2.5 billion. This funding round was led by key industry players such as Coinbase Ventures and Multicoin Capital.
Launch of Wormhole Labs
As part of its expansion, the Wormhole Foundation has launched Wormhole Labs, an independent technology company dedicated to building products and tools that foster inter-chain activity and development. This initiative aims to solidify Wormhole’s position as a major player in the blockchain-to-blockchain communication arena.
History and Security of Wormhole
Since its launch in 2021, Wormhole has facilitated over $35 billion in transactions, processing more than 2 million inter-chain messages per day across over 30 blockchains. However, the protocol has faced security challenges, including a hack in February 2022 that resulted in the loss of over $321 million. Following this incident, Jump Crypto has committed to reimbursing the funds lost during the hack.
