Wormhole to Become Separate Entity From Jump Trading
Chicago-based trading firm Jump Trading has decoupled Wormhole, its cross-chain protocol, Bloomberg reported....
- Chicago-based trading firm Jump Trading has separated its cross-chain protocol, Wormhole, and it will now operate as an independent entity.
- Senior Wormhole employees, including CEO Saeed Badreg and COO Anthony Ramirez, will run the independent company.
- Jump Trading scaled back its involvement in Wormhole due to concerns about the unpredictability of cryptocurrency markets.
- Jump terminated its partnership with Robinhood after a decline in crypto trading volume, leading to a reduction in the Jump Crypto workforce.
- Wormhole is a crypto "bridge" that connects different blockchains, but it experienced a security breach in February 2022, resulting in the theft of around $320 million worth of cryptocurrencies.
- Jump is monitoring the SEC's decision on approving Bitcoin ETFs, and if approved, it may consider reinvigorating its cryptocurrency business.
- Similar to Wormhole, employees from Jump Crypto involved in the Pyth Network also departed to establish it as an independent entity.
The sentiment in the article is mostly neutral, with some negative aspects such as the security breach and reduction in workforce, but also potential positive developments if the SEC approves Bitcoin ETFs.