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, Morph said in a blog post Wednesday. The angel round, worth $1 million, included participants such as Polygon's Sandeep Nailwal and Nansen's Alex Svanevik.

With fresh funding, Morph said it plans to expand its team and marketing efforts and offer developer incentives.

What is Morph?

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 — a component in …