Signal messaging app adds MobileCoin payment feature

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Apr 7, 2021
  • Mobile scan offers more security as only the sender and the recipient can track or observe their transaction.
  • The new feature is compatible with iOS and Android devices, but it’s only available in the UK for now.
  • MobileScan only offers support for MobileCoin’s MOB cryptocurrency, which is designed for use on smartphones.

To provide more options for its users, private messaging app Signal has added a new payment feature called MobileCoin (MOB).

The new payment feature is based on Stellar (XLM) blockchain technology. It will offer protection to users’ privacy while working efficiently with different mobile devices.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Some users may think that the launch of the new feature has long been overdue, considering that it has been rumored to be rolled out back in 2019 when Facebook launched its Libra.

The new feature is available only to UK users

The high-speed privacy payment feature will allow users to send cryptocurrencies to other users privately. However, the feature is only available to UK users for now, according to the firm.

MobileCoin is available on iOS and Android platforms. Also, it only offers support for MobileCoin’s MOB cryptocurrency, which is specifically designed for use on smartphones.

In January, Signal was planning a private crypto payment. Head of growth and communication at Signal, Jun Harada, commented about the new feature.

He stated that the goal of the company has always been to give users full control of their data. With the design of MobileScan, users now have full access to their account balance, funds, and full transaction history. He added,

You can also transfer your funds at any time if you want to switch to another app or service.

MobileScan will improve users’ privacy

Chief executive officer of Signal Moxie Marlinspike also commented on the new feature that offers more ease for users.

He described Signal’s new payments feature as a way of extending the company’s privacy protections to payments having the same seamless experience offered for other encrypted conversations.

He added that some other payment features incorporated into other messaging apps link users’ bank accounts. But what the company has achieved with MobileScan is to provide an avenue for a user to send funds so that only the sender and recipient can track or observe the transaction.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money