Cross-chain protocol Wormhole has formally launched a product development-focused unit in tandem with a $225 million fundraise.  

The raise gives the interoperability platform a $2.5 billion valuation, the company said in a Wednesday announcement.   

Wormhole is backed by investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital. It was not immediately clear which investors participated in the latest round. 

“We’re laser-focused on bringing solutions to market that solve real problems for our customers and end-users, and are on a mission to enable real-world impact from the Web3 space,”…

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