Ethereum Layer 2 Developer Morph Secures $20 Million in Funding

Morph, an Ethereum Layer 2 network developer, has raised $20 million in seed and angel funding rounds. The seed round of $19 million 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 the new funding, Morph plans to expand its team and marketing efforts, and offer developer incentives. Founded last year, Singapore-based Morph is developing a Layer 2 network using a combination of optimistic and zero-knowledge rollup technologies. It claims to be building the first Ethereum Layer 2 with a decentralized sequencer, aiming to drive adoption beyond decentralized finance. Morph was incubated by the crypto exchange Bitget, which made a multimillion-dollar investment in Morph last December. Morph is currently in public testnet, and its mainnet beta is expected to go live in the second quarter of this year. The project also announced an incentives program, which will grant up to 100,000 in USDT stablecoin to selected projects, among other benefits.