- Signal has reportedly started the process of developing a privacy coin
- The privacy-focused messaging app has also run several test projects with MobileCoin on its platform
- Founder and CEO of Signal, Moxie Marlinspike currently serves as an adviser on the MobileCoin project
The fast-rising private messaging app, Signal, is reportedly devoting resources to the development of privacy crypto and payment services for its users.
Signal to Develop a Privacy Coin
Platformer reported on Tuesday, that Signal is currently developing a payment feature that is related to Stellar-based privacy-focused digital asset, MobileCoin.
Signal gained mainstream attention when WhatsApp announced a policy change. Since then, it has seen its user base jump by more than 100 percent.
The creator and CEO of Signal CEO, Moxie Marlinspike, on multiple occasions have advertised MobileCoin. His first involvement with MobileCoin came in December 2017 when he featured on a story in Wired alongside the founder of MobileCoin, Joshua Goldbard.
According to the new report on Platformer, Signal is considering integrating crypto payments into the privacy-focused messaging app.
What is MobileCoin?
Mobile-coin, as the name suggests is a mobile-first privacy project. After completing its $30 million ICO in 2017, the project has been a bit of a white whale. It was not until December 7, 2020, that it announced a mainnet launch.
The project is very similar to the Facebook-backed Diem project, formerly known as Libra. MobileCoin has been touted to be the project to finally reach the unbanked population by making it possible for people in developing nations to move money around with ease.
Following its mainnet announcement, there were reports that MobileCoin was working on allowing customers to have unique usernames. A move that aims to quell the concerns of its customer, as they were registered using mobile phone numbers as the basis for accounts.
On the Flipside
- Tokens.com and COIN Hodl have announced a proposed reverse takeover
- As a result of the reverse takeover transaction, Tokens.com will now takeover COIN Hodl
- Tokens, running on a proof of stake protocol will now provide its staking services to the user base of the merchant bank, COIN Hodl
Could Signal Integrate MobileCoin into the Messaging App?
According to the Platformer, Signal has already run pilot tests using the Binance-backed privacy digital asset, MobileCoin. The claims are strengthened by Marlinspike’s involvement with MobileCoin.
Marlinspike currently serves as an adviser on the MobileCoin project, and the tests could be a trial run for future integration of the digital asset into the messaging app.
While the CEO of Signal has described the tests as “design explorations” insisting that for a project of this nature, there has to be careful planning and execution, Newton notes that former Signal employees have confirmed that Signal is actively pursuing the necessary protocols for integrating MobileCoin into its platform.
Earlier in January, MobileCoin issued a Tweet to clarify its relationship with Signal, further indications that the two could be working together. If the reports turn out to be true, Signal would become the latest messaging service to enter the crypto and digital payments arena.
Some analysts have raised the concern about Signal being too privacy-centered of the rumors of the addition of an anonymous payment service eventually happening. The concerns are that the platform could become the perfect tool for internet fraud.