Singapore: Morpheus Labs raises funds at $2m valuation, plans $25m ICO

Singapore: Morpheus Labs raises funds at $2m valuation, plans $25m ICO

Cryptocurrency mining machines sit in operating racks at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' in Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov/Bloomberg

Morpheus Labs, a blockchain-platform-as-a-service startup, has raised an undisclosed sum in funding from a Chinese angel investor at a valuation of $2 million.

The firm has also launched an initial coin offering (ICO) with a target fundraise of $25 million through the sale of 125 million Morpheus Infrastructure Tokens (MiT) from the first round. Token holders can use these to procure any services within the platform network and pay service providers.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter