Morpho's $175M raise: Institutional credit infrastructure or private VC exit liquidity?

What happened

Morpho's record-breaking $175M funding round highlights a structural shift in venture capital toward institutional credit infrastructure.

What we think

The $175M Morpho raise confirms that institutional credit infrastructure is the primary destination for late-stage crypto venture capital, with a 55% probability of leading to a neutral, highly consolidated market struct…

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Morpho's $175M raise: Institutional credit infrastructure or private VC exit liquidity?

We explain what happened and what could follow. We do not forecast prices.