Wormhole, an interoperability platform for blockchains, has secured $225 million in a funding round, valuing the company at $2.5 billion.
This investment will enable Wormhole to continue delivering essential infrastructure for Web3, the company said in a Wednesday (Nov. 29) press release.
“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 to expand their businesses and build great experiences for users,” Wormhole Chief Operating Officer Dan Reecer said in the release.
The funding was provided by prominent investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital, according to the release.
In addition to the funding news, Wormhole Foundation announced the launch of Wormhole Labs, an independent technology company specializing in building products, tools and reference implementations to enhance cross-chain activity and development, per the release.
The new, independent company is “dedicated to advancing the technology that makes efficient blockchain-to-blockchain communication possible,” Saeed Badreg, co-founder and CEO of Wormhole Labs, said in the release.
Since its launch in 2021, Wormhole has become a vital infrastructure for many of the industry’s largest blockchains and projects, according to the release. The platform has facilitated the transfer of over $35 billion in value and processes more than 2 million cross-chain messages across more than 30 chains daily.
The company attributes its success to its commitment to interoperability, providing developers with access to liquidity and users across over 20 leading blockchain networks, the release said. This flexibility enables a wide range of use cases, including decentralized finance (DeFi), non-fungible tokens (NFTs) and governance.
The company’s suite of products, built around the Wormhole Messaging protocol, includes Wormhole Connect, an asset layer product that offers developers an easily integrated in-app bridging widget, per the release.
In another recent development in the Web3 space, Mastercard said in October that it has joined forces with Web3 infrastructure company MoonPay to explore how Web3 technologies can enhance consumer connections and redefine customer loyalty and engagement.
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