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.

In later phases, as the company matures, it will enable these token holders able to liquidate these tokens for other virtual currencies such as Bitcoin and Ethereum.

Its founding team claims that Morpheus helps enterprises obtain services, ideas, or tools by soliciting contributions from a wide range of partner experts and curation of crowd contribution. This is meant to enable a broad aggregation of ideas and solutions in a relatively short period.

In addition, the utility-based platform is meant for enterprises to develop and deploy in-house blockchain applications rather than the current method of installing blockchain nodes, hiring developers and finally deploying it.

The venture provides businesses and entrepreneurs with the necessary infrastructure and a set of integrated tools to quickly design, test and deploy distributed ledgers.

In a statement, Chuang Pei-Han, Co-founder of Morpheus Labs, said, “We are positioning ourselves to be the Apple of the blockchain industry. It is still too early to call which blockchain will be the dominant one.”

“We are removing barriers of entry like upfront installation costs, providing access to open-source applications and boosting time to market for all parties. Our new technology and fresh approach create a frictionless blockchain ecosystem that fosters product innovation.”

Also Read:

Hatcher+ partners Funderbeam to launch blockchain-based startup listings

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.