Fun

Morpho secures $50M funding led by Ribbit Capital for onchain lending

News Feed - 2024-08-02 01:08:56

Ana Paula Pereira7 hours agoMorpho secures $50M funding led by Ribbit Capital for onchain lendingMorpho Labs has raised $50 million from over 40 investors, including Ribbit Capital, which also invests in Revolut, NuBank, Coinbase, Robinhood, Mercado Libre, Figure, and Uniswap.1209 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onDecentralized finance protocol Morpho Labs has raised $50 million in funding following a recent revamp of its business. 


The round was led by Ribbit Capital with participation from a16z Crypto, Coinbase Ventures, Variant, Pantera Capital, Kraken Ventures, and other investors. Morpho Labs had previously raised a total of $23.6 million across multiple funding rounds, including an $18 million Series B funding round a16z and Variant in 2022.


The funds will be used to support the recently launched Morpho Blue, a permissionless lending protocol that allows entities to create and manage their own markets without needing prior approval from any central authority. The solution also offers vaults that can be tailored with specific risk management parameters.


Morpho Blue has received more than $1.5 billion in deposits since its introduction nearly six months ago, according to data from Dune Analytics.Morpho Blue key metrics. Source: Dune Analytics


The protocol was launched in 2022, promising to maximize interest rates for users through Morpho Optimizer, an optimization layer on top of Aave and Compound. Since then, Morpho has transitioned from a single application into a set of purpose-built protocols that operate on top of a shared base layer, seeking to address the fragmentation within the Ethereum ecosystem.


According to data from DefiLlama, the protocol has borrowed more than $1.07 billion as of Aug. 1, generating over $27.3 million in fees. It currently supports nearly 160 pools with an average yield of 4.77%.


“We aim to build and support infrastructure that underpins a truly global, internet-native financial system, one that is trustless and opinion-free,” said Paul Frambot, CEO and co-founder of Morpho.


DeFi protocols are experiencing a surge in activity in 2024 as a result of the return of liquidity to crypto markets following the debut of Bitcoin exchange-traded funds in the United States. The total value locked onchain across protocols stands at $96.1 billion at the time of writing.


Magazine - X Hall of Flame: Ethereum’s recent pullback could be a gift — Dynamo DeFi# Blockchain# Business# Lending# Peer-to-peer lending# DeFiAdd reaction

News Feed

Nasdaq-listed mining firm Stronghold Digital Mining for sale?
Gareth Jenkinson10 hours agoNasdaq-listed mining firm Stronghold Digital Mining for sale?Stronghold announced its first quarter results for 2024 and revealed that it is considering a range of options to increase sharehol
Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support
Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support Leaked images that allegedly derive from the leading non-fungible token (NFT) marketplace Opensea indicate that
Report: Blockchain Among Technologies to Be Prioritized by Saudi Arabia’s IT Decision Makers in 2022
Report: Blockchain Among Technologies to Be Prioritized by Saudi Arabia"s IT Decision Makers in 2022 Blockchain is among six emerging technologies that will be prioritized by the K
Binance founder CZ walks free from US prison
Alex O’Donnell3 hours agoBinance founder CZ walks free from US prisonHe served four months in federal prison for charges including alleged violations of United States Anti-Money Laundering rules.1075 Total views9 Total
Donald Trump's potential SEC chairman should tackle 5 issues
Alex O’Donnell1 hour agoDonald Trump"s potential SEC chairman should tackle 5 issuesDonald Trump has promised to fire SEC Chair Gary Gensler, whose work at the agency was defined by his animosity toward crypto.403 Tota
Playing Around With the SIDUS HEROES Demo Left Me in Great Anticipation for the Game Release in January
Playing Around With the SIDUS HEROES Demo Left Me in Great Anticipation for the Game Release in January SIDUS HEROES is the first ever WebGL, AAA-level, Play-to-Earn, NFT and MMORP
Aussie corporate regulator to build ‘outcome-based’ crypto policies
Arijit Sarkar15 hours agoAussie corporate regulator to build ‘outcome-based’ crypto policiesASIC Commissioner Alan Kirkland highlighted the need to solve the “regulatory trilemma” when it comes to financial innov
Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Samsung Working With Ripple Partner, Finablr, on International Payments
Samsung Pay now has an international remittance feature, utilizing a platform owned by Finablr, a London-listed Ripple partner. Branded as Money Transfer, the service is currently a
Prashant Jha11 hours agoCrypto community begins Bitcoin halving countdown as milestone date nearsThe CEO of Binance and BTC analysts are among those who have started to draw attention to the halving event as the crypto c
Wind-Breaking NFTs: Reality Star Who Made $200K Selling Farts in Mason Jars Launches NFT Collection
Wind-Breaking NFTs: Reality Star Who Made $200K Selling Farts in Mason Jars Launches NFT Collection Just recently the reality star, American Youtuber, and Tiktoker Stephanie Matto
Fidelity Investments’ Digital Asset Custody Services Arm Expands to Asia
Fidelity Investments" Digital Asset Custody Services Arm Expands to Asia Fidelity Digital Asset Services has revealed the company is expanding into Asia and plan