Token bridge “Wormhole” raises 33 billion yen, making it the largest scale of the year in the Web3 market

Wormhole raises 33 billion yen

Wormhole, which develops compatibility technology between different blockchains, announced on the 29th that it has raised $225 million (33 billion yen) in seed funding at a valuation of $2.5 billion (367 billion yen). It was announced on the 29th.

Prominent investors are participating in this financing, including macro hedge fund operator Brevan Howard, Coinbase Ventures, cryptocurrency investment firm Multicoin Capital, and major quantitative trading company Jump Trading.

Wormhole was originally launched by blockchain company Certus One in October 2020 as a bridge between Ethereum and Solana. In August 2021, it was upgraded to support more chains, and at that time it was acquired by Jump Crypto, a virtual currency trading and development company under Jump Trading.

However, in February 2022, the company suffered a hardship when it was hacked to the tune of $320 million by a malicious actor. At this time, Jump Crypto compensated for the lost funds.

Wormhole has shown great resilience in the face of such adversity. It currently processes over 2 million cross-chain messages daily across over 30 chains and has transferred over $35 billion in assets to date. It is used by over 200 applications including Uniswap, the largest DEX.

In the middle of this month, it was reported that Wormhole would be separated from Jump Crypto and operated as a new entity.

connection:Decentralized exchange Uniswap adds support for token bridge “Wormhole”

The amount raised is the largest this year

Additionally, Wormhole announced the launch of Wormhole Labs through a blog post. “With the launch of our specialist technology company, Wormhole Labs, we would like to re-emphasize our commitment to our original vision, which began three years ago,” said co-founder and CEO Saeed Badreg.

Looking ahead to next year, Wormhole has hinted at plans to bring new products to market.

connection:Token bridge “Wormhole” to be held in private sale with valuation of 300 billion yen

Top Web3 funding amount in 2023 Source: CryptoRank

Wormhole’s $225 million funding is one of the largest in the sluggish Web3 ecosystem this year. According to a report by market research agency RootData, the number of financings in November increased to 90 from 75 in the previous month, and the amount raised increased by 177% from $428 million to $1.188 billion. is expected.

connection:OpenAI founder raises funds with virtual currency project Worldcoin