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Mobilum (MBM) ICO Review – ICO Token News


Mobilum is a platform to convert your cryptocurrency to spendable fiat currency. You can have your existing credit or debit card topped up instantly. Short or long term credit is available on your card by using your cryptocurrency as the loan collateral. Mobilum issues a MBM crypto ICO token  to bootstrap its ecosystem of users, lenders, borrowers and card partners.  Mobilum directly connects your cryptocurrency with your existing payment card given by your bank or other card issuers. You can easily convert and spend cryptocurrency where payment cards are accepted. Mobilum makes crypto spending easier by allowing users to utilize existing payment cards, rather than issuing out new payment cards. This is possibly due to new card and payment technologies which the Mobilum team has an extensive technical background in.

How Mobilum works

Mobilum enables cryptocurrency spending on any existing credit card, debit card or prepaid card. Mobilum does not issue out its own payment cards; you need to have an existing relationship with your bank or card provider who provides you with a physical payment card. You can then top up this card using cryptocurrency or receive a loan on your card against cryptocurrency collateral.

Connecting your existing card to Mobilum

First time users who want to utilize Mobilum with their existing payment card must first connect that payment card to the Mobilum app. There are several different methods used by Mobilum to top up your payment card: wire transfer to the International Bank Account Number (IBAN) associated with the payment card, OCT (Original Credit Transaction) for VISA cards, Money Send for MasterCard. During the onboarding process of a payment card, the user simply must provide the payment card number and details, or must scan the payment card. The IBAN can be found on the card itself, or from a credit card or bank statement. Mobilum determines which payment method is both supported and most convenient when topping up and/or adding credit to a user’s payment card. When connecting a payment card to the Mobilum app, Mobilum will initiate a small test transaction which will appear in the users card transaction history as an initial credit to your card. After the test transaction is verified it is reversed.

Spending fiat

After you have topped up your Mobilum app, you can convert your cryptocurrency for fiat to spend immediately. Mobilum uses direct transfer gateways to move the converted fiat currency to your card. It takes up to 30 minutes to receive the money. If for a particular payment card a given transfer period will be higher, the Mobilum app will inform the user during the onboarding process of the card. The Mobilum app will notify you when the money is available on your card. After this, the money is immediately spendable.

MBM token and fees: You pay access fee and transaction fee. For all currency conversion, you need to hold 0.5% of the conversion value in MBM tokens as an access fee. Access fee tokens are not spent. You will pay an additional 0.5% in MBM tokens to Mobilum as the transaction fee to cover the cost of currency conversion. If you do not have enough MBM tokens they are automatically reserved for you as the part of the transaction. These fees are subject to change.

Getting a loan

As an alternative to directly spending your crypto, you can choose to get a loan on your card using your cryptocurrency as collateral. In this case your cryptocurrency is not spent and you can pay back the credit without currency conversion. If the period of the loan is within one day you are not paying any additional interest. If the period of the loan is for a longer period of time there is a monthly interest charged on it. The interest is subject to change according to the market conditions. You can settle the credit by paying back the fiat currency, or you can choose to not to pay in fiat, but choose to settle the credit from the cryptocurrency collateral. In order to receive credit you need to deposit an equivalent value of your crypto that will be used as a collateral increased by the risk-cover ratio (usually 20%). Depending on market conditions the collateral value may change (as the current crypto to fiat value or risk-cover ratio may change). If the collateral value needed to secure the credit will depreciate, we may ask the debtor to complete the security. Otherwise we have the right to close the granted loan by liquidating the collateral. All information (needed collateral value, risk-cover ratio for the particular crypto and given period of loan) will be shown in the Mobilum app before topping up the payment card with the loan.

MBM token and fees: You need to hold 0.5% of the loan value in MBM tokens as a membership fee. If you do not have enough MBM tokens they are automatically reserved for you as the part of the transaction fee. When the transaction is made, 0,5% of the collateral value of MBM tokens are paid to Mobilum company to cover the cost of currency conversion. These fees are subject to change.

MBM token

The Mobilum project is looking to raise funds through an MBM token sale to bootstrap its platform economy around users, business partners, lenders and borrowers. The Mobilum platform will be functional at the launch of the token sale. Mobilum has a dual nature of an access token and a transaction fee token. Users need to hold Mobilum tokens in order to use the Mobilum platform. The token sale event is the primary issuance of tokens and the first chance to purchase these tokens. Users can later obtain tokens through the Mobilum platform itself, or independent brokers. To know current trend of ICOs, you can check ICO stats.


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