Morpho Association has raised $175 million in a funding round co-led by Paradigm, a16z Crypto, and Ribbit Capital, the group announced Tuesday morning on X. The raise, conducted at a $2 billion valuation, ranks among the largest in decentralized finance history.
The round and its backers
The $175 million round was co-led by three of crypto's most prominent venture firms. Paradigm, a16z Crypto, and Ribbit Capital each participated, pushing Morpho's valuation to $2 billion. The announcement came via a post on X, a common channel for crypto projects to share news directly with their communities. No further details on how the funds will be deployed were provided.
Size and significance
Morpho's raise is one of the largest ever in decentralized finance. While DeFi has seen numerous funding rounds since the sector's emergence, nine-figure raises remain rare. The $175 million haul underscores continued appetite from top-tier venture capital for DeFi infrastructure. The involvement of three of the largest crypto venture firms highlights the scale of the raise.
Morpho Association hasn't disclosed specific plans for the capital. The raise adds the project to a select list of DeFi protocols that have secured nine-figure funding rounds. With $175 million in fresh capital, the association is positioned to expand its operations, though it has not yet outlined a timeline or roadmap.
