TLDR:
- Crypto VC firm Multicoin Capital co-led a $225 million funding round in Wormhole last year.
- Multicoin Capital’s participation in the funding was a risky but prescient decision.
Investment firm Multicoin Capital co-led a $225 million funding round in Wormhole last year, as revealed in a recent blog post. The leading investor in the cross-chain protocol, Multicoin Capital, made a risky but ultimately successful decision according to co-founder Kyle Samani. The firm’s stake in Wormhole, particularly in the project’s W token, remains undisclosed. Whether Multicoin Capital retains its position in Wormhole is also unclear at this time.
Jump Crypto also co-led the funding round with Multicoin Capital. Other notable investors who joined the round include Brevan Howard, Coinbase Ventures, ParaFi, Dialectic, Borderless Capital, and Arrington Capital. Wormhole achieved the $225 million funding milestone at a $2.5 billion valuation in January 2023.
Despite the successful funding round, Wormhole’s W token is currently trading at $1.16, experiencing a decline of over 16% in the past 24 hours. The project’s utilization of AMD chips for scalable, light client proofs was also highlighted in the article.
