The Signal messaging application recently began testing cryptocurrency settlements within its ecosystem. The service has been introduced as a beta, meaning it is only available for Signal users in the United Kingdom region. In a statement released by the company, users will now send and receive payments in MobileCoin.
Messaging App with Payment Capabilities
Signal plans to link user’s accounts with MobileCoin wallets, enabling users to view their transaction histories and balances through the platform. The company has also assured its client base that it will not have any access to their funds. The company said,
“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. You can also transfer your funds at any time if you want to switch to another app or service.”
According to Signal Messenger LLC, the payment system is entirely dependent on blockchain and, unlike its rivals WhatsApp and i-messenger, it does not rely on banks. MobileCoin, the privacy-focused cryptocurrency, is the virtual currency that users will use to make settlements.
MobileCoin’s founder, Joshua Goldbard, stated that the app’s transactions would be fast and reliable, drawing a comparison to PayPal’s Venmo. He noted that the payment is available in the U.K. only because MobileCoin uses FTX, a platform that is unavailable for users residing in the United States.
Signal’s Way to the Top
Recently, Mark Zuckerberg was in a hot seat after researchers allegedly unveiled him as a Signal user. Signal sent a tweet that looked like a ‘trolling’ message that caused a stir in all social media communities. Facebook had experienced a data leak that affected above 500 million of its users, and surprisingly, Zuckerberg was part of the victims besides two co-founders Dustin Moskovitz and Chris Hughes.