Morpho closed a funding round of $175 million at a valuation of up to $2 billion. The round was led by Paradigm, Ribbit Capital, and a16z.

Funds

The DeFi lending protocol Morpho has closed a funding round of $175 million at a valuation of up to $2 billion. The round was led by Paradigm, Ribbit Capital, and a16z crypto. Apollo Funds, Circle Ventures, and VanEck also participated.

Morpho enables the creation of customizable lending markets where users can independently set risk parameters and lending terms.

Morpho’s clients include Coinbase, Kraken, Anchorage Digital, and Galaxy Digital. The team stated that it plans to intensify its focus on institutional users amid growing interest from banks and asset managers in DeFi infrastructure.