Signal, a prominent encrypted messaging app, has started trialing a payments feature that enables users to send crypto to other users privately. Signal announced integrating support for MobileCoin for a new P2P (peer-to-peer) payments system in its apps’ beta version. The new payments feature called Signal payments is now available for beta testing on Android and iOS platforms. Additionally, it only supports MobileCoin’s MOB cryptocurrency, designed to be applied on smartphones.
Moxie Marlinspike, the creator of Signal, opined that the new payments feature strives to expand its privacy protection to payments, with the similar experience that the app has provided for encrypted interactions. The company preferred MobileCoin over other privacy-focused cryptocurrencies like Monero or Zcash. It is because it is for mobile devices and needs little storage on the device. Moreover, it provides high-speed transactions.
Users in the United Kingdom can only participate in the Beta Testing of Signal Payments.
By employing the new feature of Signal Payments, users can transfer and receive funds, keep track of their balance, and monitor their transaction history. Moreover, Signal will not have access to any transaction data, and users can shift their funds at any time if they desire to change to a new app or service. Recently, only users in the United Kingdom have access to the feature. However, the Signal team illustrates that they intend to expand the Beta as they receive more feedback.
The new integration occurs a few weeks after MobileCoin raised over $11 million in Series A funding. Future Ventures and General Catalyst supported it. Signal creator Moxie Marlinspike is an advisor to the project. Launched in 2017, MobileCoin commenced trading in December 2020. MOB is comparatively obscure in cryptocurrencies, with no market cap listed on the significant coin analytics websites. MOB only trades on the FTX exchange at the time of writing, where daily volume is approximately $80 million. Further, there is a total supply of 250 million tokens. Recently, MOB trades hands at proximately $66 on crypto exchange FTX and is up by more than 15% in the past 24-hours.
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