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Jump Trading, Wormhole Part Ways Amid Tough Crypto Market: Bloomberg

Although Jump has been scaling back its crypto-related operations, the reason for the business' parting of ways remains unclear, Bloomberg reported.

By Elizabeth Napolitano
AccessTimeIconNov 17, 2023 at 6:57 p.m. UTC
Updated Mar 8, 2024 at 5:16 p.m. UTC
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Jump Trading Group has broken up with Wormhole, a crypto project belonging to its crypto investing arm, as it continues to pull back from the volatile digital-assets market, Bloomberg reported Friday.

Several high-ranking Wormhole employees, including the project's CEO and COO, have left Jump to "run Wormhole as an independent entity," the publication reported, citing people familiar with the matter. The parting of ways comes less than two years after Jump poured $320 million into Wormhole after the inter-blockchain messaging platform suffered a massive hack.

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    • It remains unclear whether Jump Trading ordered the spinoff or not. The number of employees who departed the trading firm due to the separation also remains unclear.

    A Jump spokesperson declined CoinDesk's request for comment.

    Wormhole's spinoff is the latest business breakup to kneecap Jump's shrinking crypto division. In early July, Jump and Robinhood ended their business partnership, a CoinDesk report revealed.

    Edited by Aoyon Ashraf.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Elizabeth Napolitano
    Elizabeth Napolitano

    Elizabeth Napolitano was a news reporter at CoinDesk.

    Follow @LizKNapolitano on Twitter

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