Signal, the chat app known for its encryption, is looking to add payments to its list of services offered. The move has been expected for a long time among its users. However, Signal is not in any hurry to push the feature for public use.
Signal Looking To Maintain Its Privacy Status
Currently, the platform is running a beta program for the UK exclusively in which users can trade MobileCoin, a cryptocurrency, easily, quickly, and privately.
Everyone in the UK should have access to the new feature for payments after updating the app. However, a wallet for MobileCoin is required. Users can buy the cryptocurrency from FTX, the only cryptocurrency exchange that has it listed as of now.
After linking up, users will be allowed to send MOB from their wallets to any other user with a linked wallet. The process is as easy as sending chats.
Signal prides itself on not having access to any text or message records on the platform. Similarly, the payments too are to be completely private. Signal has partnered up with MobileCoin for quite a few years now. The cryptocurrency is built from scratch with privacy and speed in mind. It is claimed to be similar to Venmo in its ease of usage and Signal in its security.
MobileCoin managed to raise a bit more than $11M as funds in March when rumors about the integration were at their peak. More whispers added to the surge of price of MOB. The rise is welcome for the investors but for those who would have used it as change, the fluctuation is a bit troubling.
Moxie Marlinspike, the co-founder of the platform, hinted at a future possible system that automatically lets users trade out the currency. Signal understands the risk to reputation involved in using cryptocurrency but believes that the situation is inevitable.