BlockBeats News, June 9th, according to Fortune magazine, DeFi lending protocol Morpho announced the completion of a $175 million financing round, led by a16z Crypto, Paradigm, and Ribbit Capital, with participation from Apollo Funds, Circle Ventures, VanEck, and other institutions. This funding round was priced based on the average token price of Morpho over the past month, resulting in a protocol valuation of approximately $20 billion.

Morpho allows institutions to create custom on-chain lending markets and risk parameters. It has already attracted adoption from institutions such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital. Data shows that Morpho's current Total Value Locked (TVL) is around $6.6 billion. The company has stated that it will continue to expand its institutional-grade DeFi lending business and enhance its competitiveness with lending protocols like Aave.