Jump Trading, Wormhole Part Ways Amid Tough Crypto Market: Bloomberg
CoinDesk
17 Nov 2023 6:57 PM
Although Jump has been scaling back its crypto-related operations, the reason for the business' parting of ways remains unclear, Bloomberg reported....
- Jump Trading Group has ended its relationship with Wormhole, a crypto project under its crypto investing arm.
- High-ranking Wormhole employees, including the CEO and COO, have left Jump to run Wormhole independently.
- The separation comes less than two years after Jump invested $320 million in Wormhole following a major hack.
- It is unclear whether Jump Trading initiated the spinoff or not, and the number of employees affected is also unknown.
- This breakup is the latest setback for Jump's shrinking crypto division, following the end of its partnership with Robinhood in July.
The article highlights the breakup between Jump Trading Group and Wormhole, indicating a negative sentiment towards Jump's shrinking crypto division.
You May Ask
Why did Jump Trading Group end its relationship with Wormhole?Who will now be running Wormhole as an independent entity?How much did Jump Trading Group invest in Wormhole after the hack?Did Jump Trading Group initiate the spinoff of Wormhole?What other business breakup has affected Jump's crypto division recently?