A16z, Paradigm lead $175 million investment to move global credit markets onchain

Morpho secured $175 million from Paradigm, a16z crypto and Ribbit Capital as the lending protocol seeks to become foundational infrastructure for onchain credit markets. The round also included Apollo Funds, Circle Ventures, VanEck and Ledger Cathay. The protocol operates an open credit network that allows institutions and fintech firms to build lending products on blockchain rails.

It has more than $11 billion in deposits and is used by institutional clients including Bitwise, Galaxy and Anchorage Digital, as well as crypto exchanges Coinbase, Kraken and Binance. The raise highlights interest from banks, asset managers and other traditional financial firms exploring tokenized assets and onchain settlement systems.

Morpho is positioning itself as an infrastructure provider working with existing institutions, saying its network can help unify fragmented lending markets and support programmable credit products at scale.

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