Privacy-Focused Messaging App, Signal Launches Crypto Payments Through MobileCoin


  • Signal, the private messaging app, launches a mobile payment system.

Following an impressive year in the messaging industry, Signal, the popular private messaging app, is launching mobile payments system, mobilecoin (MOB). According to a statement by Signal founder Moxie Marlinspike, who has been an adviser to the project for the past three years, the new payment system aims to provide a simple and private platform to send payments. The platform is built on Stellar blockchain leveraging the blockchain’s scalability and instant payments network.

The platform will launch a beta project first before rolling out the full product, a blog post confirmed on Tuesday. At launch, the beta phase of Signal’s payment service will only be available to U.K. customers enabling them “to send and receive privacy-focused payments as easily as sending or receiving a message.”

Users will send funds, receive funds, keep track of their balances, and review their transaction history directly from the Signal app. MobileCoin aims to improve privacy in financial transactions; hence the app will not have access “to your balance, full transaction history, or funds.” The app also allows users to transfer funds when they switch to another app or service.

The coin will be available to eligible users only on FTX exchange.

However, some analysts look at this as a step back for Signal, who have made their name in enhancing privacy via encrypted messages. “Signal as an encrypted messaging product is really valuable,” Matthew Green, a member of the Zcash Foundation board, said.

“Speaking solely as a person who is really into encrypted messaging, it terrifies me that they're going to take this really clean story of an encrypted messenger and mix it up with the nightmare of laws and regulations and vulnerability that is cryptocurrency.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide