According to Fortune, DeFi lending protocol Morpho completed a $175 million funding round on June 9, led by a16z crypto, Paradigm, and Ribbit Capital, with Apollo Funds, Circle Ventures, and VanEck among participants. The round valued Morpho at approximately $2 billion based on the project's token price averaged over the past month.
Morpho enables institutions to customize lending markets and risk parameters on-chain and counts Coinbase, Kraken, Anchorage Digital, and Galaxy Digital as users. The protocol currently holds approximately $6.6 billion in total value locked.