Morpho raises $175M for open credit network

Morpho has successfully raised $175 million in a funding round co-led by Paradigm, a16z crypto, and Ribbit Capital. This significant capital infusion is earmarked for the development of its 'open credit network for the world.' The protocol has already surpassed $11 billion in deposits and boasts institutional users like Coinbase and Binance. This funding round, which valued the protocol at up to $2 billion, is one of the largest in DeFi history and includes participation from numerous prominent investors.