About Wormhole
Wormhole, a decentralized exchange (DEX), has successfully raised $20 million in a funding round led by Jump Capital. The DEX was launched earlier this year as a fork of Ethereum-based DEX SushiSwap. It aims to provide users with cross-chain functionality and lower fees compared to other DEXs.
The Funding Round
The funding round attracted participation from various investors, including Coinbase Ventures, Alameda Research, and Framework Ventures. With the newly raised funds, Wormhole plans to expand its team and enhance its product offerings.
Wormhole’s Unique Features
Wormhole distinguishes itself from other DEXs by allowing users to trade assets across different blockchain networks. This cross-chain functionality enables users to access a wider range of tokens and liquidity pools. Additionally, Wormhole aims to reduce transaction fees by utilizing layer 2 scaling solutions.
Partnership with Jump Trading
Jump Trading, a well-known proprietary trading firm, has been actively involved in the cryptocurrency space. In February 2022, Jump suffered a hack that resulted in the theft of 120,000 ETH. However, the firm quickly replenished the stolen funds. Recently, Jump decided to spin off Wormhole as its own separate business.
About the Author
MK Manoylov has been a reporter for The Block since 2020. With almost 1,000 articles under their belt, MK covers a wide range of crypto news topics but has a particular interest in NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has previously written for WebMD and Insider.
Hot Take: Wormhole Raises $20 Million in Funding
Wormhole, a decentralized exchange (DEX), has secured $20 million in a funding round led by Jump Capital. This investment will enable Wormhole to expand its team and enhance its cross-chain functionality. By allowing users to trade assets across different blockchain networks, Wormhole offers increased accessibility and liquidity options. The partnership with Jump Trading further strengthens Wormhole’s position in the market. With its unique features and ambitious goals, Wormhole is poised to make a significant impact in the decentralized finance space.
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