Mobius Network ran its initial coin offering using Stellar instead of Ethereum. CEO and co-founder of Mobius said that they look at ethereum “like AOL or Myspace”. Typically Ethereum is the most common choice blockchain for coin sales. The company has raised $39 million in the initial coin offering through the Stellar platform. The company only took XLM, which is Stellar’s currency in exchange for its own token called Mobi. Mobi calculated that the sale brought in $39 million only after two hours and sales of 35 percent of 888 million Mobi coins. Firms and investors that participated in the sale were WaltonChain, Nirvana Capital, an IOT startup, and China’s Angel Chain Capital. Mobius not only offered their token during the ICO but they also introduced their decentralized app.
Mobius’ main goal is to integrate cryptocurrency payments using only a few lines of code, just like Stellar does with credit card payments. Therefore, Mobius needed an IOT network on board so the large amount of transactions could be handled easily, faster, and cost effectively. Many ICO-funded projects have used Ethereum blockchain technology and they had to deal with volatility in fees and lags in transaction times. Hence, why Mobius chose Stellar, because it was created by Ripple co-founder and created explicitly for quicker payments. Stellar also features multi-signature wallets which makes things easier for developers. Mobius will be a big change for the industry if they can pull off simple coding for crypto payments. With the success of Mobius, many online companies will follow by accepting cryptocurrencies.