CrossLend allows users to bet on the prices of virtual copies of stocks, commodities, and currencies. In addition to the American venture capitalist Draper Associates, RTP Ventures and the deep-tech investor APEX Ventures participated in the financing round. The company’s aim is to replace brokers and exchanges with a smart contract using a proprietary protocol that runs on Ethereum. According to a Morpher representative, the company’s goal is to create equal access to all markets for everyone and strives for growth above all in emerging markets.
At Morpher, if 100 crypto tokens are bet on Apple stock, the user will receive 110 tokens if Apple rises 10%, or 90 tokens if Apple falls 10%. The stock itself is never actually traded, therefore, there are no trading fees charged by brokers and exchanges. Instead, the MPH token comes into play, meaning that Morpher users buy this token to place bets on price developments. MPH is an ERC20 token, that runs on Ethereum, and its price is determined by supply and demand.
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