Cross-chain protocol Wormhole announced the completion of $225 million in financing at a valuation of $2.5 billion, making it the largest crypto project financing in 2023. There was no lead investor in this round of financing, with participating investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital and Jump Trading. Saeed Badreg, CEO of Wormhole Labs, said that technically this is the company’s first financing; Jump Crypto, the crypto arm of high-frequency trading company Jump Trading, has been incubating the project for several years. Badreg said that these investors’ equity will consist entirely of token warrants, rather than company equity, and declined to comment on the name of the Wormhole token or when it will be launched (this has not been previously reported).