Morpho, a Paris, France-based provider of a decentralized cryptocurrency lending protocol, raised $50M in funding.
The round was led by Ribbit Capital with participation from a16z crypto, Coinbase Ventures, Variant, Pantera, Brevan Howard, BlockTower, Kraken Ventures, Hack VC, IOSG, Rockaway, L1D, Semantic, Mirana, Cherry, Fenbushi, LeadBlock Bitpanda Ventures, Robot Ventures and 40+ others.
The company intends to use the funds to expand operations and its development efforts.
When Morpho first launched 2 years ago, its primary product was Morpho Optimizer, an optimization layer on top of Aave and Compound that improved interest rates for users. Since then, it has evolved into independent financial infrastructure, inspired by the layered protocols of the early internet. Specifically, the company now consists of a set of purpose-built protocols layered on top of a shared base layer to form a network that fosters open innovation, resiliency, and value creation. At the core of this new layered architecture is Morpho Blue, a permissionless, resilient, and primitive lending protocol that creates an open market for risk management and specialized products. Additional modular layers can be built on top to offer diverse risk profiles and more specialized forms of lending/borrowing while still sharing the same base layer. One example is Morpho Vaults, another layer of the Morpho Stack that empowers multiple independent operators to curate an endless range of scalable risk management strategies on top of Morpho Blue.
FinSMEs
05/08/2024