Morpho raised $175 million in a funding round co-led by Paradigm, a16z crypto and Ribbit, with participation from Apollo Funds, Circle Ventures, VanEck and Ledger Cathay, among other strategic investors. The operation was one of the largest ever recorded in decentralized finance and demonstrates that onchain infrastructure is capable of replacing the legacy systems that underpin credit at a global scale.
The network already surpasses $11 billion in deposits and is used by institutional clients such as Bitwise, Galaxy and Anchorage Digital, as well as top-tier exchanges including Coinbase, Kraken and Binance. Paul Frambot, co-founder of Morpho, described the project as a direct response to the fragmentation and extractive intermediaries that have historically limited the value of finance.
The association will deploy the funds to deepen its technical and commercial integrations with strategic partners, and to strengthen the infrastructure on which banks, asset managers and fintechs can build programmable credit products. The goal is not to displace those institutions, but to unify them within an open, shared network that offers their users the best possible conditions for accessing credit.
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