Cross-chain protocol Wormhole has secured $225 million in funding at a $2.5 billion valuation. Investors include Coinbase Ventures, Multicoin Capital, and Breven Howard, a well-known hedge fund.
The new round of funding took the form of token warrants, which grant holders rights to tokens at a future date. Wormhole has not announced its token yet, making the market expect an airdrop of tokens in the future.
Earlier this month, Jump Trading Group, the incubator for Wormhole, spun off the project, signaling a new phase of independence for the cross-chain protocol.
Wormhole faced a significant setback in early 2022 when it fell victim to a substantial hack, resulting in an estimated loss of $320 million.