Morpho completes $175 million funding round, led by a16z Crypto and Paradigm
Odaily reports that DeFi lending protocol Morpho has completed a $175 million funding round, led by a16z Crypto, Paradigm, and Ribbit Capital, with participation from Apollo Funds, Circle Ventures, VanEck, and other institutions.
The round was priced based on Morpho tokens' average price over the past month, corresponding to a protocol valuation of approximately $2 billion at the high end. Morpho allows institutions to customize lending markets and risk parameters on-chain and has already attracted adoption by institutions such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital.
Data shows that Morpho's current Total Value Locked (TVL) stands at approximately $6.6 billion. The company stated that it will continue to expand institutional-grade DeFi lending services in the future and strengthen its competition with lending protocols like Aave. (Fortune)
