- Jump Trading Group has strategically separated from the Wormhole project.
- This move comes after Jump injected $320 million in Wormhole after a hack in 2022.
- Wormhole executives depart Jump Trading to steer Wormhole as an independent venture following the split.
Jump Trading Group has officially severed ties with the Wormhole project, marking a significant downsizing of its crypto operations. This development was captured in a recent publication from Bloomberg.
According to the report, the separation comes almost two years after Jump injected approximately $320 million into Wormhole after a substantial hack in 2022. Furthermore, the report mentioned that key figures within Wormhole, including its CEO Saeed Badreg and COO Anthony Ramirez, have recently departed from Jump Trading Group to lead Wormhole as an independent entity.
Insiders familiar with the matter, who preferred to remain anonymous while discussing private information, revealed to Bloomberg that the move resulted in an undisclosed number of departures from Jump Trading Group.
Emphatically, Wormhole, formerly under Jump Crypto, the digital-asset unit of Jump Trading, has become independent amid the parent firm’s downsizing in volatile crypto markets. Following the split, Jump Crypto’s workforce has reportedly decreased by approximately half from its peak of around 150 in 2022.
Notably, Jump Trading itself and Wormhole executives Badreg and Ramirez have not commented on the matter. The independent protocol now includes Wormhole Labs and the Wormhole Foundation.
It is worth mentioning that Jump’s reduced involvement in the crypto space coincides with persistently low trading volumes throughout the year, as Bloomberg hinted, despite significant price surges, including Bitcoin.
With the crypto market displaying signs of recovery, driven by speculation that U.S. regulators might soon approve Bitcoin exchange-traded funds (ETFs), Bloomberg claimed Jump is closely monitoring the SEC’s decision. It claimed that Jump could reinvigorate its crypto business where a Bitcoin spot ETF is approved.
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