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Secure Messaging App Signal Releases Feature that Allows Users to Send Mobile Coin Crypto Around the World

Posted on July 7, 2022July 8, 2022 By Shubham Kansal No Comments on Secure Messaging App Signal Releases Feature that Allows Users to Send Mobile Coin Crypto Around the World

Signal, one of the world’s largest–and private–instant messaging apps, has released its cryptocurrency feature for its users across the world. The payment

feature allows users to pay with a new, privacy-focused cryptocurrency called MobileCoin. But the company has not announced its release even though the

feature has been available to users since November.

“MobileCoin founder Josh Goldbard confirmed the timing of the rollout and says that it spurred massive adoption of the cryptocurrency, which now sees

thousands of daily transactions versus just dozens before the global beta release” reported Wired.

MobileCoin is a privacy coin built using the same techniques behind popular privacy coins like Monero and Zcash. Unlike other cryptocurrencies

like Bitcoin, which has a public ledger, MobileCoin has features that make payments and transactions hard to trace but easy to confirm.

Signal’s foray into cryptocurrency is because the app wants to bring its widely lauded privacy protection systems to monetary transactions.

“I would like to get to a world where not only can you feel

But the company’s new feature may bring much more significant complications than it has bargained for. Nations across the world have been increasing the regulatory
pressure on the cryptocurrency industry. From China’s complete ban to India’s proposed bill that bans all private virtual currency, to the increasing
the adversarial stance of US regulatory authorities.

It is for these reasons that many of Signal’s supporters and users are concerned. The instant-messaging app is used by millions across the world for its

sophisticated and thorough privacy protection systems. Many believe that by delving into the legally murky world of cryptocurrency payments the company is

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risking pitting itself against governmental authorities. As the new coin is likely to be used by many for unscrupulous activity, the same activity would bring the

authority’s spotlight on the company.

HIGHLIGHTS

  • Encrypted messaging app Signal is testing a new payments feature on its app that would let users send privacy-focused payments.
  • The feature is currently available in a beta build for users in the United Kingdom.
  • The messaging app is yet to begin testing the features in the other markets.

Signal’s association with MobileCoin isn’t surprising though. It’s worth noting here that Signal CEO Moxie Marlinspike has pretty close ties to this new crypto, acting as an advisor on the project since 2017.

Testing the beta of @mobilecoin payments on @signalapp! Private transactions in an awesome mobile app is a total a game changer!

Have been waiting a lot of years for something like this to happen in crypto. So exciting!! pic.twitter.com/wcBFDjHMGZ

— Kevin Beardsley (@kevinhbeardsley) April 6, 2021

 

Moxie Marlinspike said during an interview with Wired, “When compared to other communication platforms, communicating through Signal gives you the

distinct impression that you are not being observed or listened to. I want to live in a future where you may feel that not only when you communicate with your

therapist via Signal, but also when you pay for the session via Signal.”

“We’re not creating private payments; they already exist and will continue to exist in the form of privacy-preserving cryptocurrencies. Again, what we’re doing

is simply a small portion of our efforts to make that available to regular people,” he continued.

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MobileCoin’s slow uptake is the current issue with the functionality. Only the UK’s FTX trading platform offers the cryptocurrency, and there it sells for $65

per coin. Since the value of cryptocurrencies can fluctuate greatly, any money transmitted using MobileCoin may increase in value suddenly or decrease dramatically.

A signal is requesting UK users’ assistance in testing the payment mechanism. If all goes well, plans for expanding the beta may be likely.

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