Still in beta test, Signal has developed a new method of cryptocurrency payments features in its iPhone and Android apps. This newly created feature grants you access to send money to anther with MobileCoin, which has its own currency named MOB.
Signal Picks Privacy-Preserving MobileCoin
As per the company announcement on the Signal Website, the feature has been launched in the UK only and still haven’t made mention of whether or not it’s going to be released to the world.
If you’re in the UK and have the latest Signal app, you’ll see a prompt to use the new feature. Simply link your MobileCoin wallet after you buy some on the cryptocurrency exchange FTX, and you’ll be able to send MOB to other Signal users with a linked wallet.
Here’s is what signal regarding its new feature:
“Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface. As always, our goal is to keep your data in your hands rather than ours; MobileCoin’s design means Signal does not have access to your balance, full transaction history, or funds.”
If you ‘re having doubt about your MOBs being locked in the app—at any time, you can transfer your funds to another app or service. “If you want to give it a spin and let us know what you think, it’s possible to convert to/from MOB on FTX and other exchanges soon.”
Privacy-Focused Crypto Payments
The company has assured us that all MOB transactions made through company are totally private. In an interview with Wired, Signal’s creator Moxie Marlinspike said that he would like to get to a world “where not only can you feel that when you talk to your therapist over Signal, but also when you pay your therapist for the session over Signal.”
The reason Marlinspike’s picked Mobile Coin to power the Signal Payments feature is that, in his view, it provides the best experience on mobile devices as it “requires little storage space on the phone and needs only seconds for transactions to be confirmed.”