forkast.news
Singapore-based Ethereum layer 2 Morph has successfully raised US$20 million through seed and angel investment rounds, with the primary US$19 million seed round led by Dragonfly Capital.
The funding will be channeled into talent acquisition, developer incentives, marketing and technical infrastructure improvements.
The company, which was founded last year, is currently running a public testnet and anticipates the launch of its mainnet beta in the second quarter of 2024.
Venture capital interest in blockchain startups is on the rise, signaling renewed confidence in the crypto space following previous scandals and the FTX collapse.
Morph’s funding round saw contributions from several notable firms, including Pantera Capital, Foresight Ventures, the Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, and Everyrealm.
Additionally, the angel round attracted key figures such as Polygon’s Sandeep Nailwal and Nansen’s Alex Svanevik.
The company has also announced an incentives program to encourage development on its network, offering up to 100,000 USDT to selected projects and allocating airdrops to ecosystem projects that will be mainnet launching partners.