Web3 Startup Wormhole, which is an open-source blockchain connectivity platform, has raised $225 million at a $2.5 billion valuation in the recent funding round. Among the notable investors in Wormhole are Arrington Capital, Brevan Howard, Coinbase Ventures, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Multicoin Capital.
Wormhole is a platform for blockchain developers, and many web3 companies and apps today use it to securely and scalably grow their user base, increase market share, and drive more on-chain activity. Wormhole’s cross-chain verified messaging is useful in the whole Web3 ecosystem, which may include blockchains, DeFi, governance, and bridging.
Since its inception, the company has facilitated the transfer of over $35 billion in value and regularly processes over 2 million cross-chain messages across more than 30 chains every day. With this funding, the company will use the investment for further growth and bringing more new and groundbreaking products to market.
With the funding announcement, the Wormhole Foundation has also announced the launch of Wormhole Labs, which was in stealth mode until now and is also the core contributor to Wormhole. Wormhole Labs is an independent technology company working on products that help grow cross-chain activity and development.
The Wormhole Foundation’s senior executive team includes Saeed Badreg (CEO), Robinson Burkey (CCO), and Dan Reecer (COO), and it has offices in the Cayman Islands and the United States.