Signal, an encrypted communication application, has begun testing a payment function. On Tuesday, April 6, signal announced that it has integrated support for mobilecoin in the beta version of its application to establish a new point-to-point payment system.
The new system, called “signal payment”, has been tested on Android and IOS platforms, only for UK users. In addition, it only supports mobilecoin’s mob cryptocurrency, which is designed for smartphones.
According to cointegraph, in January this year, signal was considering private encrypted payment. Jun Harada, head of growth and communications at signal, commented on the privacy features of mobilecoin, saying:
“As always, our goal is to keep your data in your hands, not ours; the design of mobilecoin means that signal cannot access your balance, complete transaction history or funds. If you want to switch to other apps or services, you can transfer your funds at any time.”
Moxie marlinspike, founder of signal, said that the new payment function attempts to extend its privacy protection to the payment field. This application will provide the same experience for encrypted conversations.
Just a few days ago, it was reported that the personal data of more than 530 million Facebook users were posted on hacker forums.
Signal chooses mobilecoin instead of other privacy cryptocurrencies such as monero or zcash, because it is designed for mobile devices, requires little storage space on the device and provides high-speed transactions.
Mobilecoin was launched in 2017, but trading did not begin until December 2020. Signal is closely related to cryptocurrency, and marlinspike has served as a technical consultant since the establishment of the project.
In the field of cryptocurrency, mob is relatively unknown, and its market value is not listed on major currency analysis websites. At the time of writing, it can only be traded on the FTX exchange, with a daily trading volume of about $80 million. A total of 250 million tokens, the price of which rose by 14% within 24 hours of the announcement, is currently trading at $66, according to coingecko.
On March 16, cointegraph reported that signal has begun to accept donations from 12 different cryptocurrencies as a support for the signal technology foundation. Signal technology foundation is a non-profit organization behind signal.