Morpho Association has closed a $175 million funding round co-led by Paradigm, a16z crypto, and Ribbit Capital. The raise comes as the protocol's native token, MORPHO, gained 7.5% over the past 24 hours, bucking a broader market pullback. But the token still sits roughly 54% below its January 2025 all-time high of $4.17.
Who's in the round
Apollo Funds, Circle Ventures, VanEck, Ledger Cathay, Variant, Wintermute Ventures, SBI Group, and Bpifrance also participated, alongside more than a dozen other partners. This is Morpho Association's fourth institutional raise since 2021, with earlier backers including Coinbase Ventures, Pantera Capital, and Variant.
A protocol with deep exchange ties
Morpho holds over $11 billion in deposits. The lending protocol is used by Coinbase, Kraken, Binance, Bitwise, Galaxy, and Anchorage Digital — a roster that gives it a wide footprint across centralized and institutional crypto finance.
Where the money goes
The funding will go toward deepening technical and commercial integrations with existing and future partners. Morpho Association didn't specify a timeline, but the pace of integrations — and whether they translate into on-chain activity — will be the metric to watch.
Token still under pressure
Despite the flash of green today, MORPHO is down 5.7% over the past week and roughly 12% over the past month. The $175 million injection is a vote of confidence from major funds, but the market is waiting to see if the capital actually moves the needle on adoption and price recovery.
