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Wormhole has closed its funding round, raising $225 million at valuation of $2.5 billion. The cross-chain bridge protocol revealed this in an announcement on Wednesday, November 29.

The round was backed by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital among others.

“We are grateful to have reached this milestone with the support of such a strong group of backers as we continue to deliver critical infrastructure for Web3,” Dan Reecer, the COO of Wormhole Foundation, said.

According to Reecer, the funding will help the interoperability platform bring new products to market as they look to support ecosystem developers. 

The COO’s outlook was echoed by Robinson Burkey, Wormhole Foundation’s chief commercial officer, who noted the platform was on track to deliver solutions that solve real-world problems and will have real-world impact in the Web3 space.

Alongside the $225 million raise, the Wormhole Foundation also launched Wormhole Labs, an independent technology platform developing cross-chain products and tools. The company has emerged from stealth and is a core contributor to the Wormhole ecosystem.

Wormhole launched in 2021 and is one of the platforms to provide critical infrastructure supporting major blockchains and projects. In February 2022, Wormhole was hacked, with the attacker stealing millions worth of Ether (ETH), Solana (SOL) and the USDC stablecoin.

After the vulnerability was patched, Wormhole investor Jump Trading offered a hand to the team with $325 million that had been stolen.

Jump Trading Group, the parent company of Wormhole, recently separated itself from the blockchain developer platform. Jump said it took the step as it continued to scale back on its crypto-related operations.

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