Crypto VCs Secure $675mn as Investors Back Crypto Financial Infrastructure

Morpho Association’s round was co-led by crypto venture firms Paradigm, a16z crypto and Ribbit, with participation from traditional asset managers and crypto-native investors including Apollo Funds, Circle Ventures, VanEck, Ledger Cathay, Variant, Wintermute Ventures and SBI Group. The network currently holds more than $11bn in deposits and is used by institutions as well as exchanges including Coinbase, Kraken and Binance.

Morpho provides open, programmable credit rails that allow financial firms to build lending and borrowing products onchain. It positions itself as shared infrastructure rather than a direct competitor to banks or traditional asset managers, supporting use cases such as digital asset lending and tokenized credit.

Clip moves deeper into consumer finance

In a separate transaction, Clip raised $500mn to launch a new digital wallet developed with Ant International, Mastercard and TelevisaUnivision. The product will offer digital accounts, payments, banking services and credit products through a mobile app.

Clip originally built its business by enabling small merchants to accept card payments in Mexico’s cash-heavy economy. It now plans to expand its cash-in network and move further into consumer financial services. The financing follows other large Latin American fintech rounds this year, including Plata, Kavak and Ualá.

Infrastructure focus persists

The rounds show that venture investors are still prepared to commit significant capital to crypto financial infrastructure with institutional or genuine use cases, even as overall funding activity remains well below previous peaks. Capital has become more selective in 2026, with larger rounds increasingly focused on payments, credit and tokenization rather than speculative consumer applications.