The Morpheus Network is the first platform designed to execute large money transfers to over 1600 banks internationally, using the newest and fastest blockchain technology, as an objective in a Smart Contract for globally transacting businesses
I think if they build their own blockchain would be much better than using ethereum blockchain and having just a token that will limit their Which the efficiency of Morpheus network. I still didn't find time to check their whitepaper to get enough info.
Our current development has been based on Ethereum's blockchain for the Smart Contract technology. In spite of that, we are keeping the development platform agnostic. So, in case Ethereum's scalability issues aren't resolved, we could migrate to another blockchain.
Our view is to be platform agnostic wherein we can leverage different platforms for their inherent strengths. Being platform agnostic allows us (if necessary) to migrate to another blockchain such as EOS, NEO, Cardano or NEM in the future. We also are leveraging other blockchain technologies, such as Stellar, for different aspects of the system, and utilizing them as side chains.