One of the most popular encrypted messaging app of 2021- Signal is continuously providing better features for a better user experience. Now the Signal has finally added send and receive privacy-focused payment system to the app. The Signal is not the only one to integrate payments into a chat service. However, the pairing of end-to-end encryption in chat and a cryptocurrency with privacy features making the transactions anonymous is what sets it apart from Facebook(WhatsApp). The Signal app has added the crypto payment feature for its users worldwide.
The company announced in April 2021 that they are testing MobileCoin, a privacy-focused payment mechanism, in the UK and wanted to expand it in new markets. Later this week The Wired shared that the Signal has finally integrated the crypto payment feature for all users across the world. Furthermore, MobileCoin CEO Josh Goldbard stated that the feature has been live since November and that it has already seen immense popularity, with hundreds of daily transactions. Currently, as per the reports, BitFinex and FTX support crypto and both of them are unavailable in the United States.
What is MobileCoin? Why Signal integrated MobileCoin?
MobileCoin is a privacy coin that is also the first carbon-negative cryptocurrency. The MobileCoin was made with a similar technique that was used to create prominent crypto such as Monero. The MobileCoin crypto is claimed to be more private than Bitcoin as it includes a protocol called CryptoNote and characteristics that make payments and transactions difficult to trace but easy to confirm. Speaking of which Signal 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,”
The MobileCoin CEO Josh Goldbard also said:
“There are so many different ways that this has problems. If I pay my bills, my barista now knows that I just paid my therapist or I went to the doctor. Every transaction that I make with that wallet is now visible to my barista, forever.”
Moreover, it also employs a method called Bulletproofs, which validates a transaction without revealing its value. This can be the main reason for Signal to integrate MobileCoin wallet for payment. In fact, Signal’s entry into the crypto market is to extend its privacy protection measures to monetary transactions.
Currently, the crypto payment feature in Signal is available in the beta version. You can enroll in the beta version from here.