- $50 million has been raised for Morpho Labs in a fresh round of fundraising headed by Ribbit Capital.
The most recent fundraising round, according to a formal statement from Morpho Labs, aims to further the network’s decentralization and further its goal of turning financial infrastructure into a public asset.
To Strengthen Decentralization, Use Morpho
Leading the funding round was the fintech investment company Ribbit Capital, with involvement from prominent investors including as Coinbase Ventures, Pantera, Brevan Howard, a16z crypto, BlockTower, Kraken Ventures, and more than forty other investors.
The release listed Revolut, NuBank, Coinbase, Robinhood, Mercado Libre, Figure, and Uniswap as part of Ribbit Capital’s global portfolio firms.
When Morpho first started two years ago, its main offering was Morpho Optimizer, an add-on layer that enhanced customer interest rates over Aave and Compound.
With time, Morpho evolved into a stand-alone financial network modeled after the layered protocols of the original Internet.
Currently, Morpho has a collection of specially designed protocols stacked on top of a common base layer to encourage robustness and open innovation. Morpho Blue, a permissionless lending protocol that enables an open market for risk management and customized products, is at the heart of this architecture.
After launching on Ethereum just six months ago, Morpho Blue has amassed deposits totaling more than $1.7 billion. Since its recent installation on Base, deposits of $120 million have been accumulated in less than a month.
In Q1 2024, Crypto Startups Raise $1.9 Billion
In Q1 2024, venture capital financing for blockchain and cryptocurrency initiatives experienced its first quarterly gain since 2021. Web3 startups raised around $1.9 billion in 346 deals in the first quarter, according to Crunchbase data.
This indicates a favorable shift despite the overall declining trend in venture capital interest in cryptocurrency, as it is a 58% increase over the prior quarter. The growth gave the industry a glimmer of hope.
A significant portion of the recent financing surge can be attributed to long-term web3 investors, who have shifted their focus from hype-driven tourist investors of past years.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
