Smart contract-based data platform Mobius Network successfully concluded a $35 million token presale, the company announced Tuesday.
The turn-key software provider announced it had raised $10 million more than projected on sales of its MOBI token, which in turn is based on the Stellar network. After it launches, Mobius plans to develop its platform as a facilitator for smart contract-based micropayments.
In a press release, the company noted that 32,000 participants registered for the presale, which took place through the end of 2017 and the beginning of 2018. The full initial coin offering (ICO) will launch on Jan. 18, with the company expecting to sell some 7.5 million tokens.
The company will limit each potential buyer to 25,000 tokens "to ensure a decentralized token distribution with as many people participating as possible," according to the release. Furthermore, buyers will only be able to purchase MOBI tokens using Stellar's lumen cryptocurrency.
Mobius chief executive David Gobaud said:
"The token purchases will help us fulfill our mission of connecting the existing internet and billions of people and devices around the world."
According to its website, Mobius will use smart contracts to facilitate real-time machine-to-machine micropayments, among other uses. According to a provided example, if a machine, or part of a machine breaks, a computer would automatically be able to bid for a replacement part and arrange for its delivery.
While the ethereum network has been more popular with companies launching token sales, some companies have recently looked to the Stellar network instead. Last month, mobile messaging startup Kik's chief executive Ted Livingston announced he was moving his company's kin token to Stellar due to congestion issues on ethereum.
Man and coins image via Shutterstock