Encrypted messaging app Signal has begun testing a payment feature that allows users to privately send cryptocurrency to other users.
On Tuesday, April 6, Signal announced that it will integrate MobileCoin support for a new peer-to-peer payment system into its beta apps.
The new Signal Payments system has been launched for beta testing only on Android and iOS platforms for UK users. In addition, it only supports the MobileCoin MOB cryptocurrency, which is designed for use on smartphones.
Signal analyzed private cryptocurrencies in January, according to Cointelegraph. Jun Harada, Head of Development and Communications at Signal, commented on MobileCoin’s privacy features and said:
“As always, our goal is to keep your data in your hands, not in our hands; MobileCoin’s design means that Signal cannot access your balance, complete transaction history, or funds. You can also transfer funds at any time if you want to switch to another app or service. . ”
Signal maker Moxie Marlinspike said the new payment feature is an attempt to extend privacy protection for payments, with the same experience the app offers for encrypted calls.
The announcement came just days after news that more than 530 million Facebook users had posted personal information on a hacker forum.
The company chose MobileCoin over other privacy-focused cryptocurrencies like Monero or Zcash because they are designed for mobile devices, require little on-device storage, and provide high-speed transactions.
MobileCoin was launched in 2017 but did not start trading until December 2020. Signal has close ties to the cryptocurrency and has been working as a paid technical advisor to the project since its inception.
MOB is relatively ambiguous in the world of cryptocurrencies, and its market value is absent from major currency analysis sites. At the time of writing, it can only be traded on the FTX exchange, with a daily volume of around $ 80 million. The total supply is 250 million tokens, and its value has jumped 14% in the past 24 hours after the announcement, and is currently trading at $ 66, according to Coingecko.
On March 16, Cointelegraph reported that Signal had begun accepting cryptocurrencies using 12 different currencies in support of the Signal Technology Foundation, the non-profit organization behind the app.