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The days when institutional investors shied away from cryptocurrency are behind us, as today’s development serves as the biggest proof. For weeks now, we’ve seen institutional investors entering the crypto market according to the CoinShares report. The latest news indicates that interest has been growing exponentially, with a popular crypto initiative receiving a $225 million investment, raising hopes even further.
Institutional Crypto Investment
The team behind the Wormhole protocol, which allows developers to communicate across different blockchains, has secured a significant investment round. As reported by Crunchbase, the project has raised $225 million at a valuation of $2.5 billion, marking the most significant crypto investment round of 2023 thus far.
Investors in the funding round included Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading. Instead of equity shares, these investing firms provided a total of $225 million to the team in exchange for an allocation of the upcoming token. Dan Reecer, COO of Wormhole Foundation, refrained from providing a specific date for the token’s market launch.
It seems that with such substantial institutional support, the new token will play a significant role in the investors’ lives.
Wormhole Token
This step, resulting from the split between Wormhole and Jump Crypto, has now liberated it. The upcoming token will allow the popular crypto protocol to create its own economy. Up to now, no abbreviation or name has been articulated for the Wormhole Token.
Built by developers within Jump Crypto, Wormhole was launched in August 2021 and became the target of attackers by February 2022, less than a year later. After a loss exceeding $300 million, the team successfully managed the process and continues to stand firm today.
Today, the Wormhole team consists of only 10 members, and a significant portion of the $225 million will be used to hire more staff and further develop the protocol. Robinson Burkey, the head of commercial operations at Wormhole Foundation, said;
“This is a very positive development and almost like a new beginning for Wormhole.”
- Institutional crypto investment is increasing.
- Wormhole secures a major funding round.
- New token could significantly impact investors.
