Signal quietly added an alternative for cryptocurrency payments, keeping the promise it made in the early months of XNUMX.
Now users of the encrypted instant mail app around the globe can transfer their money using a privacy-focused cryptocurrency called MobileCoin.
Founded in XNUMX by Joshua Goldbard and Shane Glynn, MobileCoin is built on the Stellar blockchain for settlement and Monero for privacy. Its primary selling proposition is the ability to hide transaction details from users.
Regulatory barriers
“There are currently over 100 million devices on planet Earth that have the ability to activate MobileCoin and send an end-to-end encrypted payment in 5 seconds or less,” Goldbard told Wired, referring to the number of downloads of MobileCoin. the application. in.
Accessing the new functionality in the app itself is as simple as it gets: all users need to do is tap the + icon in the app and choose 'pay'. However, in order to complete the payment, users must first get MobileCoin, which might be a bit tricky now.
MobileCoin is currently only free on 2 exchanges: BitFinex and FTX, wire claims, and the two are prohibited for US citizens. However, this may change at any time in the future.
As tempting as it sounds, the move is likely to attract the attention of regulators, many of whom see cryptocurrencies as a way to finance terrorism and other illegal activities, or to avoid taxes. How Signal overcomes this hurdle remains to be seen.
Commenting on the idea, Matt Green, a cryptographer at Johns Hopkins University, says Signal is "essential," but adds that this payment system could get them inconvenienced "when there are so many laws and regulations."