SPY337.61-8.18 -2.36%
DIA275.47-7.87 -2.78%
IXIC11,301.11-247.17 -2.14%

MobiePay Hits Funding Target Following Successful TrustSwap Launch

On October 3, MobiePay completed a successful launch of its MobieCoin (MBX) token on the TrustSwap Launchpad, hitting its final round funding target of $900,000.

· 10/13/2020 12:02

On October 3, MobiePay completed a successful launch of its MobieCoin (MBX) token on the TrustSwap Launchpad, hitting its final round funding target of $900,000. TrustSwap is a peer-to-peer decentralized finance layer, developed to provide a trustless and automated alternative for payment systems that were previously reliant on intermediaries such as escrow services, lockups, and other custom transactions.

MobiePay’s universal payments and blockchain-based rewards ecosystem is being developed to allow users to spend or send both fiat and crypto transactions nearly instantly from a mobile phone. MobiePay intends to provide a simple tap-to-pay solution targeted for use anywhere GooglePay or ApplePay are accepted. It is being integrated with Stellar, Ethereum, Bitcoin, and the Lightning Network, with additional fiat on/off ramps and digital assets to come. Its leadership team includes former JP Morgan Chase & Co (NYSE:JPM), SEC, Wells Fargo & Co (NYSE:WFC), Morgan Stanley (NYSE:MS), and Marqeta executives. 

TrustSwap Launchpad

TrustSwap Launchpad is providing a new, full-service standard for token launches through a new form of fundraising called Trusted Coin Offerings (TCOs). Trusted Coin Offerings differ from ICOs and IEOs in a number of important ways. The most significant changes are:

  • Team token lockups are vested over time.
  • Team payments are made following the successful completion of milestones, or are refunded to investors if they are not.
  • Investor token time-based distribution releases for a reduced likelihood of liquidation.
  • Early priority access to presales for TrustSwap SWAP token holders.

TCOs aim to put the trust back into crowdfunding in a manner that allows a new wave of investors to enter the cryptosphere with confidence.

A Slingshot to Growth

The Launchpad enables ambitious blockchain projects to leverage both the potential of the TrustSwap protocol and the community that has built up around it. MobiePay became one of the first blockchain projects to utilize its trustless escrow, time-release and smart swap services, providing greater confidence in its offering to the community and authentic public engagement.

MBX listed at $0.0016 per token, with participants vesting tokens at a 10% unlock following exchange listing, then 15% per month. In connection with the launch, 1% of the total MBX supply will also get distributed to SWAP token holders.

Commenting before the launch, a MobiePay representative said: “We’re proud to be selected as one of the early projects to utilize the TrustSwap Launchpad, and will be raising $900,000 in total, with a $2,500 allocation per person. This will allow a larger portion of the TrustSwap community to participate in the launch, and provide us with the capital to take MobiePay to the next level.”

Trusted Coin Offering

At this point in time, a TCO is not open to just anyone. To participate, an Ethereum compatible wallet with a TrustSwap DASH score of over 2,000 must be connected to the platform. The DASH score is intended to recognize support from SWAP holders, not just in terms of the tokens held or staked, but also the amount of time, calculating a fair average daily SWAP holding figure. For jurisdictional compliance purposes, KYC/AML documents were required by MobiePay as part of the automated process they built-in using the TrustSwap Launchpad. 

As the MBX token is Stellar-based, a Stellar blockchain wallet was also required to receive the MBX tokens, with participants directed to LOBSTR to create one if necessary. Once the information was all submitted, the automated system validated and approved participation within 10 minutes, simultaneously handling the time-based distribution release, set up using the underlying TrustSwap protocol. Following the successful raise of MobiePay, those extra safeguards and procedures are proving a tolerable trade-off for the more cautious and security-conscious investors.

Disclaimer: The author of this post has a personal relationship with MobiePay team members. Please consult your financial advisor before investing in any cryptocurrencies, stocks, or companies as they can pose risks for the average investor. This post is informational in nature and does not constitute financial advice.