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.”