Signal tests payments in the UK using MobileCoin

In a long-expected move, encrypted chat app Signal is adding payments through cryptocurrency MobileCoin to its services. The company is taking its time on this feature. A U.K.-only beta program will allow users to trade money quickly, easily, and most importantly, privately.

How to use the new update

The users in the UK will notice the new feature after updating to the latest version. This feature can be used easily by linking a MobileCoin wallet after you buy some on the cryptocurrency exchange FTX, as it is the only one that lists it right now. After linking, the user will be able to instantly send MOB to anyone else with a linked wallet.

Why Signal chose MobileCoin?

Similar to the USP that Signal doesn’t have any kind of access to the messages you send or calls you to make, the payments are totally private too. MobileCoin was built from the ground up for speed and privacy, using a zero-knowledge proof system and other innovations to make it easy and secure. This is probably the reason Signal has been working with MobileCoin for a couple of years now.

signal payments Signal tests payments in the UK using MobileCoin

MOB price index and more…

The rumors about MobileCoin’s approaching readiness have done some good to the value of MOB. MobileCoine has also been able to snag a little over $11 million in funding last month.

Signal co-founder Moxie Marlinspike envisioned an automatic trade-out system, though he is rarely so free with information like that if it is something under active development.

Since cryptocurrency does not enjoy a very good reputation, it may dilute Signal’s goodwill as a safe platform for secure and private communication. But the team there thinks it’s inevitable. After all, if popular payment services are being monitored the same way your email and social media are, perhaps we ought to nip this one in the bud and go end-to-end encrypted as quickly as possible.

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Alex is a seasoned editor and writer with a deep passion for technology and startups. With a background in journalism, content creation, and business development, Alex brings a wealth of experience and a unique perspective to the ever-changing world of innovation. As the lead editor at Startup World, Alex is committed to discovering the hidden gems in the startup ecosystem and sharing these exciting stories with a growing community of enthusiasts, entrepreneurs, and investors. Always eager to learn and stay updated on the latest trends, Alex frequently attends industry events and engages with thought leaders to ensure Startup World remains at the forefront of startup news and insights. Alex's dedication and expertise help create an engaging platform that fosters knowledge-sharing, inspiration, and collaboration among tech-savvy readers worldwide.

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