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

In addition, the Singapore-based startup has launched an Initial Coin Offering (ICO) with an aim to raise as much as US$25 million from the sale of its 125 million Morpheus Infrastructure Token (MiT) from the first round.

Subscribers can use tokens to procure any services within the platform network and pay service providers within it. In later phases, holders will also be able to swap their tokens with other cryptocurrencies.

Morpheus Labs provides businesses and entrepreneurs with the necessary infrastructure and a set of integrated tools to quickly design, test and deploy distributed ledgers. It allows rapid prototyping to help organisations to validate their blockchain applications and experiment with the technology. 

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The company claims it is the industry’s first enterprise app store in Southeast Asia, which is designed to connect enterprises to one blockchain ecosystem and provide the flexibility to find, select, experiment and deploy  applications in their respective industries.

“We are positioning ourselves to be the Apple of the blockchain industry,” said Chuang Pei-Han, Co-founder of Morpheus Labs. “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.”

According to the founders, the Morpheus helps enterprises obtain services, ideas, or tools by soliciting contributions from a wide range of partner experts and curation of crowd contribution, allowing broad aggregation of innovative ideas and solutions in a relatively short period of time.

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Additionally, the utility-based platform enables enterprises to experiment, develop and deploy in-house blockchain applications quickly compared to the current installation of blockchain nodes, hiring developers and finally deploying it.