Morpho Labs, the decentralized finance protocol, raised $50 million after revamping its business model.

This investment round was led by Ribbit Capital and participated by investors such as a16z Crypto, Coinbase Ventures, Variant, Pantera Capital, Kraken Ventures. Morpho Labs had previously raised $23.6 million.

The funds raised will be used to support the permissionless lending protocol called Morpho Blue. This protocol offers the opportunity to create and manage markets without the need for a central authority. Morpho Blue has received over $1.5 billion in deposits since its introduction.

“We aim to build a truly global, internet-based financial system,” said Paul Frambot, CEO of Morpho.

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