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Wormhole, a messaging protocol that enables communication across different blockchains, has successfully raised $225 million in a funding round, valuing the project at $2.5 billion. This represents the largest funding round for a cryptocurrency project in 2023. The funding came from various investors, including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading. Interestingly, the investors’ stake will be in the form of token warrants, entitling them to a share of the future cryptocurrency that Wormhole plans to launch. The specifics of the token and its launch date have not been disclosed yet. In addition to the fundraising success, Wormhole has also announced the establishment of Wormhole Labs, a new company that will assist in the project’s development. This funding round also marks the separation between Wormhole and Jump Crypto, aligning with Jump Crypto’s downsizing strategy amidst increased regulatory scrutiny and industry challenges. Despite facing challenges such as a substantial hack in 2022 and regulatory issues, Wormhole remains optimistic about the transformative impact of the funding. The company plans to use the funds to expand its team, advance protocol development, and foster developer adoption.