The startup that's dressing up crypto for Wall Street raised $175 million in a round led by a16z crypto, Paradigm, and Ribbit Capital

(Credit: Courtesy of Morpho)

Paul Frambot has a message for the “suits” at traditional financial institutions. “I think TradFi is going to have to wear shorts,” said the 25-year-old, who was coincidentally wearing a pair of his own.

That’s an audacious challenge to Wall Street, but Frambot has reason to be confident. He’s the cofounder of the fast-growing crypto protocol Morpho, which offers blockchain-based lending and borrowing. And he has the backing of some of the largest investors in crypto. On Tuesday, he and his team announced that they had raised $175 million in a funding round led by Paradigm, Ribbit Capital, and Andreessen Horowitz’s digital assets arm, or a16z crypto. Other investors included Apollo Funds, Circle’s venture unit, and VanEck.