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| Signal Adds Cryptocurrency Payment Options |
Crypto messaging app Signal has added an option to pay in cryptocurrency and keeps promises made in the first few months of 2021.
The app was announced in the spring of 2021 that it would add a beta version of payment functionality to its UK users to test integration with the relatively new privacy-conscious cryptocurrency.
But the largest phase of the experiment began in mid-November. At the time, the app offered all users the same functionality without any fuss.
This provides the ability to send digital payments to millions of mobile phones that are more private than credit card transactions.
Now, users of crypto instant messaging apps around the world can transfer money using a privacy-friendly cryptocurrency called MobileCoin.
MobileCoin was founded in 2017 by Joshua Goldbard and Shane Glenn. It relies on the Stellar blockchain for consensus and Monero for privacy.
The main selling point of the coin is the ability to hide transaction details from the user.
Regarding Signal app downloads, Goldbard said: “There are now more than 100 million devices worldwide that use MobileCoin and can send end-to-end encrypted payments in five seconds or less.
Accessing the new features of the app itself is as easy as possible. All users just need to click the + icon in the app and choose to pay.
However, in order to make the payment, users must first purchase MobileCoin. It can be a little tricky at the moment.
Signal enables cryptocurrency payments worldwide
MobileCoin is currently only available on two platforms, BitFinex and FTX, which US citizens are prohibited from using. However, this could change at any time in the future.
The move could attract the attention of regulators, many of whom view cryptocurrencies as a way to fund terrorism and other illegal activities, or to avoid taxes.
Privacy advocates fear that incorporating privacy currency into Signal could create new legal problems for the communication tools that millions of people rely on.
Matt Green, a cryptographic expert at Johns Hopkins University, commented on the idea, saying the signal is very important. However, when there are a lot of laws and regulations, adding this payment system can cause problems.