Crypto venture capital company Multicoin Capital has said it played a key role in helping raise $225 million for the cross-chain protocol Wormhole. This information came to light in a blog post on April 3rd, which shed light on Multicoin Capital’s smart business choices in cryptocurrency.
Kyle Samani, co-founder of Multicoin Capital, wouldn’t say how much of a share the company has in Wormhole. But he emphasised how important it was for them to be involved by saying that the choice was considered risky initially but turned out to be right in the end.
Crypto Venture’s Continued Engagement with Wormhole Team
Even though Multicoin Capital was a key part of funding Wormhole, it’s still unclear if the company is still involved in the project or has sold its shares since Wormhole’s W tokens were listed on several crypto markets.
Samani was thankful they could keep working with the Wormhole team and emphasized how well they’ve gotten along over time.
It was already known that Multicoin Capital was involved in the $225 million funding round, but it wasn’t clear how much it was involved or whether it would co-lead the project with Jump Crypto. By the end of January 2023, the fundraising drive had raised enough money to give Wormhole a significant value of $2.5 billion.
A group of well-known investors, including Multicoin Capital and Jump Crypto, also contributed to the round. Some of the well-known companies in this group are Brevan Howard, Coinbase Ventures, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
Wormhole’s W token is now worth $1.16, more than 16% less than 24 hours ago, according to the most recent data from CoinMarketCap. How quickly the value of tokens changes shows how volatile the crypto market is and how hard it is for projects like Wormhole to work in it.
The Discovery of Multicoin Capital’s role in funding Wormhole shows how important venture capital is becoming in the crypto sector and how strategic investments can change the course of innovative blockchain projects like Wormhole.
