The encrypted messaging program Signal has started testing a payment feature that allows users to send private cryptocurrency to other users.
Signal announced on Tuesday, April 6, that it is integrating support for MobileCoin for a new peer-to-peer payment system in the beta version of its applications.
The new system called Signal Payments is currently being launched for beta testing on Android and iOS platforms for users in the UK. In addition, it only supports MobileCoin’s MOB cryptocurrency, which is designed to be used on smartphones.
Signal expired private crypto payments in January, as reported by Cointelegraph. Signal’s head of growth and communications, Jun Harada, commented on MobileCoin’s privacy features, saying:
‘As always, our goal is to keep your data in your hands rather than ours; The design of MobileCoin means that Signal does not have access to your balance, complete transaction history or funds. You can also transfer your money at any time if you want to switch to another program or service. ”
Signal creator Moxie Marlinspike said the new payment feature is an attempt to extend privacy protection to payments, with the same experience the app provides for encrypted conversations.
The announcement comes days after the news that the personal data of more than 530 million Facebook users has been posted in a hacking forum.
The company chose MobileCoin over other privacy-oriented cryptocurrencies such as Monero or Zcash because it is designed for mobile devices, requires little storage space on the device and offers high-speed transactions.
MobileCoin was launched in 2017, but only started trading in December 2020. Signal has close ties with the cryptocurrency, and Marlinspike has served as a paid technical advisor for the project since its inception.
MOB is relatively unclear in the world of cryptocurrencies, without there being a market capitalization on the major currency analysis sites. It can only be traded on the FTX exchange at the time of writing, where the daily volume is approximately $ 80 million. There is a total offer of 250 million tokens and it has increased by 14% in the last 24 hours, according to Coingecko at $ 66.
On March 16, Cointelegraph reported that Signal began accepting crypto donations via 12 different coins, as a form of support for the Signal Technology Foundation, the non-profit organization behind the app.