(Bloomberg) -- Wormhole, a crypto project recently spun off by Jump Trading Group, said it raised $225 million from a group of investors at a $2.5 billion valuation, making it one of the largest funding rounds in the digital assets industry this year.
Wormhole, which provides a so-called bridge between blockchains, was part of Jump Crypto, the digital-asset unit of the Chicago-based high frequency trading firm. The project links different blockchains like Solana and Ethereum to make transactions easier across networks. Investors in the current round included Jump, Brevan Howard, Coinbase Ventures, Multicoin Capital, Arrington Capital, according to a statement Wednesday.
One of the “ultra high conviction projects” under Jump Crypto, Wormhole suffered from a $320 million hack last year, and Jump replenished the funds within a day. Jump appeared to have since recovered the stolen cryptocurrencies, according to Blockworks Research.
Read More: Jump Spins Off Crypto Project That Suffered $320 Million Hack
However, Jump parted ways with Wormhole this year as part of its partial retreat from the crypto space. Senior Wormhole staffers including its chief executive officer, Saeed Badreg, and Chief Operating Officer Anthony Ramirez left Jump to run Wormhole as an independent entity, Bloomberg reported earlier. As part of the pullback, Jump Crypto’s workforce has dropped by roughly half since peaking at around 150 in 2022.
After the bull market in 2021 and early 2022, the crypto industry has seen a pullback in venture funding, exacerbated by the collapse of FTX exchange. Crypto venture funding fell 63% to $2 billion in the third quarter from a year earlier, according to PitchBook.
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