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[Blockchain Today Reporter Park Yohan] The encrypted messaging app Signal has begun testing the payment function that allows users to individually send cryptocurrencies to other users, Cointelegraph reported.
On the 6th (local time), Signal announced that it is integrating support for MobileCoin for a new P2P payment system in the beta version of its app.
Currently, a new system called Signal Payments has been launched for beta testing of the Android and iOS platforms for UK-based users. It also supports only MOB cryptocurrency of Mobile Coin designed to be used on smartphones.
Earlier, the signal for January was reviewing payments in personal currency. “As always, our goal is to put data into your hands, not us,” said Jun Harada, Director of Signal Growth and Communications. “It means you don’t have access to your balance, full transaction history, or funds. You can transfer your funds at any time to switch to another app or service.”
Signal’s founder, Moxie Marlinspike, says the new payments feature is an attempt to extend privacy to payment methods, providing the same experience the app has provided for encrypted conversations.
The announcement came a few days after the personal information of more than 530 million Facebook users was released on a hacking forum.
The company chose MobileCoin over other cryptocurrencies focused on privacy, such as Monero or Zcash, because it was designed for mobile devices, requires little storage space on the device, and offers high-speed transactions.
Mobile Coin was launched in 2017, but trading began only in December 2020. Signal has a close relationship with cryptocurrency, and Marlin Spike has been a paid technical advisor for the project since the company was founded.
MOB is a relatively opaque coin in the cryptocurrency world, with no market cap listed on major coin analysis websites. Currently, the daily trading volume is about 80 million dollars, and it can only be traded on the FTX exchange. According to CoinGecko, a total of 250 million tokens have been supplied and the token, currently trading at $66, has risen 14% over the last 24 hours.
According to Cointelegraph on the 16th of last month, Signal has begun accepting cryptocurrency donations through 12 different coins. The coin is supported by the Signal Technology Foundation, a non-profit organization that created the app.
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