The e2e encrypted messaging app, Signal enables private payments using MobileCoin. The app has launched its new platform for beta testing on Android and iOS platforms for UK-based users currently. The payment feature allows the users to perform transactions privately.
The announcement details:
A new feature that enables you to send and receive privacy focused payments as easily as sending or receiving a message.
Signal aims the payments to “fast, private, and work well on mobile devices.” It has added the payment protocol based on the privacy-focused payment network “Mobile Coin”. The network happens to have its own currency, MOB which is designed to be used in smartphones. MOB is hardly used in the crypto space, as no market cap is listed on the crypto analytics website. It can only be traded on the FTX exchange.
Incorporating the MobileCoin’s design will make sure that Signal will not have “access to your balance, full transaction history, or funds.” Signal preferred MobileCoin over other privacy coins like Monero(XMR) and others because it is solely built for smart devices, doesn’t require much space, and gives fast transactions.
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.
Signal is closely associated with MobileCoin as Moxie was the firm’s paid technical adviser since MOB’s launch. Signal creator, Moxie Marlinspike, stated that the payment feature has been integrated to provide enhanced security and privacy to payments which is somewhat akin to the app’s encrypted messaging feature.