A quick pulse check.
Bitcoin (BTC) has been trading sideways for the last 24 hours, since falling near $61,000 yesterday.
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More interesting action is in the altcoin space right now. While most of the large names, such as ZCASH and HYPE, are the biggest losers in the last 24 hours, one name that stands out among the outperformers is Morpho. The token MOPRHO is up about 14%, outpacing most altcoins, according to CoinDesk data.
Yesterday, the blockchain-based lending protocol said it raised $175 million in a funding round co-led by Paradigm, a16z crypto and Ribbit Capital. The funding comes at a time when most crypto projects are treading water amid the bear market.
What’s interesting about the raise is that Morpho operates an open credit network that allows institutions and fintech firms to build lending products on blockchain rails. The $175 million in backing is a bet that all of Wall Street will eventually move credit products onchain.
This raise is likely another signal that TradFi doesn’t care what the market is doing. They see the potential of blockchain technology, and they will continue to build for the future, bear market or not.
And that’s the difference between what the real “Wall Street taking over crypto” looks like and what crypto degens thought it would be. They aren’t buying everyone’s bags; they are carefully betting on the future.