Wormhole, a protocol that enables tokens and data to move across blockchains, has secured $225M in funding at a $2.5B valuation. Investors include Coinbase Ventures, Multicoin Capital, which led Solana’s seed round in 2019, and Breven Howard, a well-known hedge fund.
The raise was entirely for token warrants, which grant holders rights to tokens at a future date, according to Fortune. Wormhole doesn’t yet have a publicly traded token, making it a strong candidate for an airdrop.
Wormhole’s raise contrasts with the overall crypto funding environment, which has trended downward since peaking at over $7B raised in October 2021.
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#undefined [Source: TheDefiant]