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- 1 Wormhole, a leading cross-chain protocol, gathered $225 Million in investment at a valuation of $2.6 Billion.
- 2 Upcoming company of Wormhole foundation will focus on developing products, tools, and reference implementation that help boost cross-chain activities, development.
- 3 Earlier this year a hacker wiped out hundreds of Millions by breaching the security of Wormhole.
Wormhole, a popular cross-chain protocol, raised and secured $225 Million in funding at a valuation of $2.5 Billion.
According to Rootdata, the funding round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
Wormhole Foundation revealed its plan to launch Wormhole Labs, a company focused on independent technology. It specializes in developing products, tools, and reference implementation that help boost cross-chain activities and development.
Dan Reecer, Wormhole Foundation’s Chief Operating Officer, expressed his enthusiasm for the future: “We are ecstatic to bring more new and groundbreaking products to market as we head into next year, and look forward to continuing to support our ecosystem of developers who are building with our tools every day.”
He said that the investors’ share will be completely composed of token warrants rather than ownership in the firm. These warrants, which are is a popular fundraising technique for crypto firms, entitle investors to a part of the entire supply of a yet-to-be-launched cryptocurrency.
Its blockchain-to-blockchain communications technology is now utilized to connect assets, power Oracle data feeds, and transfer non-fungible tokens, DeFi, governance including others. NFTs, governance, and more.
Wormhole emerged in 2021 and has already processed over $36 Billion in transactions. According to the developers, the protocol handles approximately 2 Million cross-chain communications daily over more than 30 chains.
How Wormhole Lose Over a Hundred Million in Hack?
An attacker exploited a weakness in the Wormhole liquidity bridge between the Ethereum and Solana blockchains last year and stole around 120,000 wrapped ether, now worth approximately $223 Million.
Following the theft, Jump Crypto stated that it restored the enormous piece of ether stolen to “make community members whole” since Wormhole was seen as an “essential infrastructure” for the future’s multichain society.
Following the incident, the corporation responded by introducing a $2.5 Million bug bounty program and having several third-party organizations do several audits to remedy significant concerns.
Wormhole is one of two bridge protocols selected by Uniswap, a decentralized autonomous organization, for use in its network.
Earlier this week, Pike, a next-generation native cross-chain lending market, was awarded a co-grant by the Wormhole and Circle Foundation in recognition of its efforts to incorporate USDC as its native stablecoin and make use of both Wormhole’s cross-chain messaging and Circle’s Cross-Chain Transfer Protocol.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
