a16z crypto co-leads $175M round for DeFi lender Morpho alongside Paradigm and Ribbit Capital, valuing Morpho at up to $2B
Morpho's $175M raise — described as the largest DeFi funding round to date — signals a consensus top-tier VC bet on onchain credit infrastructure, with $11B in deposits and live institutional clients including Coinbase, Binance, and Kraken providing product validation.
Tracked by Lookout — an independent AI × Crypto desk. Coverage is research, not investment advice.
Related moves
Coinbase Ventures makes strategic investment in Re, onchain reinsurance protocol with $500M in premiums issued
Coinbase Ventures entering onchain reinsurance — a licensed entity with $500M in issued premiums — is a high-conviction RWA bet on one of the largest and most opaque traditional finance markets; strategic designation suggests board or advisory alignment beyond a purely financial check.
Coinbase Ventures invests in Multipli, the leading RWA tokenized credit protocol on Base with ~$300M AUM
Coinbase Ventures backing the top RWA protocol by AUM on its own chain via the Base Ecosystem Fund is a direct on-strategy move to reinforce Base as the preferred venue for tokenized real-world credit.
Coinbase Ventures participates in CoinFund-led $32M Series A for stablecoin payments infrastructure startup Trace Finance
A second Coinbase Ventures stablecoin-payments check this week reinforces the firm's stated 2026 priority of backing regulated, institutional payment rails — Paxos co-investment suggests stablecoin issuer alignment.
CoinFund leads $32M Series A in Trace Finance to scale stablecoin settlement rails across Brazil, U.S., and APAC
CoinFund is doubling down on cross-border stablecoin infrastructure as a revenue-generating business — Trace's 10x valuation step-up from seed and $10B+ in processed volume provide credible PMF evidence; Coinbase Ventures, Haun Ventures, and Paxos co-investing adds further validator weight.