Morpho Raises $175M from Paradigm, a16z Crypto for Onchain Credit
In brief
- Morpho raised $175 million co-led by Paradigm, a16z crypto, and Ribbit Capital.
- Protocol operates open credit network with $11 billion in institutional deposits.
- Morpho enables programmable credit products at scale on blockchain.
Institutional Backing Signals Onchain Credit Shift
Morpho raised $175 million in a funding round co-led by Paradigm, a16z crypto, and Ribbit Capital. The round also included Apollo Funds, Circle Ventures, VanEck, and Ledger Cathay as investors.
The protocol has already amassed more than $11 billion in deposits and counts institutional clients including Bitwise, Galaxy, and Anchorage Digital. Morpho is also used by major crypto exchanges—Coinbase, Kraken, and Binance.
"Unlike many crypto projects that seek to replace traditional finance, Morpho is positioning itself as an infrastructure provider working with existing institutions." — Morpho
Building Programmable Credit at Scale
Morpho operates an open credit network that allows institutions and fintech firms to build lending products on blockchain rails. The company said its network can help unify fragmented lending markets and support programmable credit products at scale.
The funding will support development of Morpho's institutional lending infrastructure. Investors backing the round are betting that credit markets will increasingly move onchain, creating demand for protocols that serve as plumbing rather than replacements for traditional finance. Morpho's positioning—working alongside existing institutions rather than against them—reflects this shift in how crypto infrastructure is being built.
