Morpho Raises $175 Million in One of Crypto Industry’s Largest Funding Rounds

Crypto lending protocol Morpho has raised $175 million in a funding round, one of the largest in the industry.

Morpho announced on June 13 on its website that the round was co-led by Paradigm, a16z crypto and Ribbit Capital. Apollo Funds, Circle Ventures, VanEck and Ledger Cathay also participated as strategic investors.

The company plans to use the money to deepen technology and business integration with strategic partners and to develop credit infrastructure for institutional clients.

“We are building an open credit network that connects capital providers and borrowers around the world,” Morpho co-founder Paul Frambot said. He added that the fundraising marks an important milestone in moving financial infrastructure on-chain.

Some in the industry view the deal as a sign that the on-chain credit market is attracting venture capital interest. “As stablecoins scale, credit becomes one of the most important pieces of infrastructure in the financial stack,” Spark Chief Executive Officer Sam MacPherson said.