Mobius Sale Raises $40m as Stellar Platform’s First ICO Proves a Resounding Success

Mobius Sale Raises $40m as Stellar Platform’s First ICO Proves a Resounding Success

Mobius has just completed its main sale, raising $39 million as 55,000 investors helped it to achieve hard cap after only two hours of the sale’s opening. The sale had originally been scheduled to run for a month.

The main sale’s success follows on the ICO’s pre-sale barely two weeks ago which also proved an unqualified success, raising $35m from 32,000 contributors. 

The project – the first ICO to run on the Stellar blockchain – has now raised a combined total of just over $74m.

Stellar Chosen Over Ethereum

Mobius aims to provide a series of platform-agnostic protocols which will allow for the integration of any token and smart contract into third-party applications. 

Despite beginning life on the Ethereum blockchain, the Mobius project migrated to Stellar, a newer blockchain platform conceived by Ripple co-founder Jed McCaleb which seeks to eliminate transaction fees and lag times.

The move was considered by some analysts at the time as a risky manoeuvre because of investors’ relative lack of familiarity with the Stellar platform.

It is now thought, however, that its success could spur other project teams into considering a similar move away from the Ethereum platform which has itself engendered a degree of frustration as a result of frequent network congestion issues. 

The ICO sale also only accepted payment in Stellar Lumens (XLM), a further move that has helped to increase awareness of the new blockchain platform.