The encrypted messaging application Signal has begun testing a payment function that allows users to send encrypted currency privately to other users.
Signal announced on Tuesday, April 6, that it will integrate support for MobileCoin in the Beta version of its app to support the new peer-to-peer payment system.
Currently, only in the United Kingdom, the new system called Signal Payments has begun beta testing for British users on the Android and iOS platforms. In addition, it only supports MobileCoin’s MOB cryptocurrency, which is intended to be used on smartphones.
According to Cointelegraph, Signal is considering a private cryptocurrency payment in January. Jun Harada, Head of Growth and Communication at Signal, commented on MobileCoin̵
“As always, our goal is to keep your data in your hands, not ours; the design of MobileCoin means that Signal cannot access your balance, complete transaction history or funds. If you want to switch to other apps Programs or services can also transfer funds at any time.”
Signal creator Moxie Marlinspike said that the new payment feature is an attempt to extend its privacy protection to payments, and the app provides the same experience as encrypted conversations.
Just a few days after news that the personal data of more than 530 million Facebook users were posted on hacker forums, the news was announced.
The company chose MobileCoin over other privacy-oriented cryptocurrencies, such as Monero or Zcash, because it is designed for mobile devices, requiring very little storage space and providing high-speed transactions.
MobileCoin was launched in 2017 but did not start trading until December 2020. Signal has a close relationship with cryptocurrency. Since the project was established, Marlinspike has been serving as a paid technical consultant for the project.
MOB is relatively obscure in the cryptocurrency field, and does not list market capitalization on major coin analysis websites. It can only be traded on the FTX exchange at the time of writing, with a daily trading volume of approximately $80 million. According to Coingecko, there is a total supply of 250 million tokens, and the price has increased by 14% in the past 24 hours, and the current transaction price is $66.
On March 16, Cointelegraph reported that Signal had begun accepting cryptocurrency donations through 12 different coins as a support for the Signal Technology Foundation, the non-profit organization behind Signal.