Investment firm Multicoin Capital recently announced its co-leadership in a $225 million funding round for Wormhole last year. Multicoin Capital, a crypto venture capital firm, was a key investor in the funding, as shared in a blog post on Apr. 3 by Multicoin Capital co-founder Kyle Samani. While the exact stake in the cross-chain protocol was not disclosed, Samani highlighted that the decision was risky but ultimately proved to be prescient.

According to Samani, there is a growing trend towards various chains such as L1s, L2s, L3s, and Wormhole is at the forefront of connecting these chains for multiple use cases like governance, cross-chain DeFi, asset pegging, and more.

It is uncertain whether Multicoin Capital still holds its position in Wormhole or has divested its stake in the project’s W tokens following their listing on crypto exchanges. Samani expressed the firm’s satisfaction in working with the Wormhole team for an extended period.

Previously, Multicoin Capital’s involvement in the $225 million funding was known, but it was not initially clear that they co-led the round with Jump Crypto. The project achieved the fundraising milestone at a $2.5 billion valuation throughout 2022, concluding in January 2023.

In addition to Multicoin Capital and Jump Crypto, other notable investors participated in the funding, including Brevan Howard, Coinbase Ventures, ParaFi, Dialectic, Borderless Capital, and Arrington Capital. As of the latest data, Wormhole’s W token is trading at $1.16, experiencing a decrease of over 16% in the past 24 hours, based on CoinMarketCap.

For more information, Wormhole is planning to utilize AMD chips for scalable, light client proofs in the future.

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