Morpho, an open blockchain-based credit network, raised $175 million in a funding round announced June 9, 2026, marking the largest fundraising round in decentralized finance history. The round was co-led by Paradigm, Andreessen Horowitz’s crypto arm (a16z crypto), and Ribbit Capital, with strategic participation from Apollo Funds, Circle Ventures, VanEck, Ledger Cathay, Variant, Wintermute Ventures, and over a dozen other investors.
The funding values Morpho at up to $2 billion post-money, reflecting growing investor conviction that on-chain lending infrastructure will eventually replace legacy financial systems. Morpho already manages $11 billion in deposits and serves institutional clients including Bitwise, Galaxy, and Anchorage Digital, as well as major crypto exchanges such as Coinbase, Kraken, and Binance.
Paul Frambot, cofounder of Morpho, said in the announcement: “The true value of finance has always been held back by dated infrastructure, fragmented systems, and extractive intermediaries. We started Morpho to change that. We’re building the open credit network for the world, connecting those with excess capital to those who need financing, globally.”
Morpho will deploy the capital to deepen technical and commercial integrations with strategic partners and continue developing infrastructure for programmable credit products. The company aims to provide banks, asset managers, and fintechs with a unified backend on a single shared open network, rather than replace them entirely.
Institutional Adoption Accelerates On-Chain Credit
The funding round signals accelerating institutional movement into on-chain lending. Frankie, a general partner at Paradigm, stated: “In the years to come, every bank, asset manager, and pension fund will want exposure to onchain credit markets. Morpho’s open infrastructure is laying the foundation for global finance to move onchain by transforming siloed lending products into a single connected market.”
Morpho’s institutional traction reflects a broader shift in how traditional finance views decentralized lending. The protocol has become a focal point for banks and asset managers seeking to offer tokenized credit products and access global lending opportunities without intermediaries. Gabe Mennesson, partner at Ribbit Capital, noted: “Lending is the largest profit pool in financial services, yet much of its infrastructure remains fragmented, opaque, and inefficient. Morpho is the most ambitious effort we’ve seen to rebuild the credit stack from first principles.”
This latest round represents Morpho Association’s fourth institutional fundraise since 2021. Previous backers include a16z crypto, Ribbit, Coinbase Ventures, Variant, Pantera Capital, and Nascent. Prior to this round, Morpho had raised $68 million across earlier funding stages, including a $50 million round led by Ribbit Capital in August 2024. With the new capital, Morpho has now raised approximately $244 million in total funding.
Sources
- Morpho — Official funding announcement, valuation, deposits, institutional clients, use of capital, and founder quote
- Paradigm — General partner quote on on-chain credit markets and institutional adoption
- Ribbit Capital — Partner quote on lending infrastructure and credit stack
- Yahoo Finance — Prior funding history and deposit figures
- LinkedIn — Confirmation that this is the largest DeFi fundraising round ever completed
