Morph Raises $20 Million in Seed and Angel Funding Rounds
Morph, a Layer 2 network developer on the Ethereum platform, has successfully raised $20 million in seed and angel funding rounds. The seed round accounted for $19 million and was led by Dragonfly, with participation from Pantera Capital, Foresight Ventures, the Spartan Group, Symbolic Capital, and others. The angel round, worth $1 million, included participants such as Polygon’s Sandeep Nailwal and Nansen’s Alex Svanevik. With this new funding, Morph plans to expand its team, enhance marketing efforts, and provide incentives for developers.
What is Morph?
Morph is a Singapore-based company founded last year that is focused on developing a Layer 2 network utilizing a combination of optimistic and zero-knowledge rollup technologies. Their main goal is to build the first Ethereum Layer 2 with a decentralized sequencer. This component organizes and batches multiple off-chain transactions before submitting them to the Ethereum blockchain. According to Morph, this decentralized sequencer opens up “limitless possibilities” for decentralized applications in various sectors such as finance, gaming, social media, and entertainment. The project aims to bring blockchain technology into everyday life beyond just decentralized finance.
Paul Veradittakit, managing partner at Pantera Capital, expressed his belief in Morph’s technology stating that it is exactly what developers in the consumer vertical need for mainstream adoption.
Morph was initially incubated by Bitget, a crypto exchange that made a multimillion-dollar investment in Morph last December.
Morph Status
Currently, Morph is in public testnet phase with plans to launch its mainnet beta in the second quarter of this year. To foster development on the platform, Morph announced its incentives program. This program will provide selected projects with up to 100,000 USDT stablecoin and other benefits. Additionally, up to 30% of Morph’s airdrops will be allocated to ecosystem projects chosen as its mainnet launching partners.
While Morph did not disclose details about the funding rounds’ structure and valuation, the mention of airdrops suggests that the company may introduce its own native token.
Hot Take: Morph Secures $20 Million in Funding to Drive Ethereum Layer 2 Development
Morph, an Ethereum Layer 2 network developer, has successfully raised $20 million in seed and angel funding rounds. The funding was led by Dragonfly and included participation from prominent investors such as Pantera Capital. With this new capital injection, Morph aims to expand its team, enhance marketing efforts, and provide incentives for developers.
Morph is building the first Ethereum Layer 2 network with a decentralized sequencer, which enables various decentralized applications across sectors like finance, gaming, social media, and entertainment. The project seeks to bring blockchain technology into everyday life beyond decentralized finance.
The company is currently in public testnet phase and plans to launch its mainnet beta later this year. To support development on its platform, Morph has introduced an incentives program that offers benefits to selected projects. The company may also introduce its own native token in the future.
Overall, Morph’s successful funding rounds demonstrate growing interest and support for Ethereum Layer 2 solutions, which have the potential to significantly enhance scalability and usability on the Ethereum network.
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