August 1, 2024
DeFI protocol Morpho Labs has secured a substantial $50 million in funding led by fintech investor Ribbit Capital. The investment round also witnessed the participation of other prominent venture capital firms such as a16z crypto, Coinbase Ventures, Pantera, Brevan Howard, and BlockTower. This influx of capital will be instrumental in accelerating Morpho Labs' mission to make financial infrastructure a public good.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Morpho Labs | $50M | Aug 1, 2024 | Series | $68M | Ribbit Capital | DeFI |
Originally conceived as an optimization layer for existing DeFi lending platforms Aave and Compound, Morpho Labs has evolved into a comprehensive financial infrastructure provider. Its core product, Morpho Blue, is a permissionless lending protocol that empowers users to create and manage their own lending markets.
Morpho Blue has demonstrated rapid growth since its inception. In a mere six months since its launch on the Ethereum blockchain, it has garnered over $1.7 billion in total deposits. Building on this momentum, Morpho Blue's recent deployment on the Base network has been equally impressive, accumulating $120 million in deposits within the first month of its launch.
The funding will be allocated towards expanding Morpho Labs' product suite, enhancing the protocol's decentralization, and fostering a thriving ecosystem around its platform. By leveraging the support of its investors, Morpho Labs aims to bridge the gap between traditional finance and decentralized finance, creating a more inclusive and accessible financial system for users worldwide.
Ribbit Capital's involvement underscores the potential of Morpho Labs to reshape the financial landscape. With a portfolio that includes fintech giants like Revolut, NuBank, Coinbase, Robinhood, and Mercado Libre, Ribbit's support validates Morpho Labs' vision and strategic direction.
As the DeFi industry continues to mature, Morpho Labs is positioned to play a pivotal role in shaping its future. With this substantial investment and a proven track record, the company is well-equipped to drive innovation and unlock new opportunities within the decentralized finance ecosystem.
About Morpho
Morpho Blue is a decentralized protocol enabling the overcollateralized lending and borrowing of crypto assets (ERC20 & ERC4626 Tokens) on the Ethereum Virtual Machine. The protocol is implemented as an immutable smart contract, engineered to serve as a trustless base layer for lenders, borrowers, and applications.
Website: https://app.morpho.org/
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About Investors
Investor: Ribbit Capital
Description: Ribbit Capital is a global investment organization investing in firms which can change the world of finance which was launched in 2012.
Website: https://www.ribbitcap.com/
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