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Signal Now Supports In-App MobileCoin Cryptocurrency Payments

Signal’s latest beta version has introduced a new payment feature, called Signal Payments, allowing users to send and receive cryptocurrency from within the app.

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signal now supports mobilecoin cryptocurrency payments

The latest beta version of the privacy-oriented instant messaging platform Signal has introduced a new cryptocurrency payment feature, called Signal Payments, allowing its users to send and receive MobileCoin tokens directly from the Signal app.

Initially, the cryptocurrency payment feature will be available only to Signal users living in the United Kingdom, but support for more regions is planned for the future.

sending cryptocurrency within signal app

Signal

“Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface,” explains Signal in the official announcement. “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.”

Following the launch of the beta integration of MobileCoin, the value of a single MOB token jumped from $7 to over $60.

It’s no coincidence that MobileCoin was picked as the first cryptocurrency supported by the messaging app. The platform’s founder, Moxie Marlinspike, is listed as MobileCoin’s technical adviser, and some keen observers have pointed out that his involvement could be much deeper than both he and MobileCoin admit.

According to an early version of the MobileCoin whitepaper, Marlinspike was the project’s original CTO. If this information is true, then the decision to integrate MobileCoin should raise some serious questions among users, questions some members of the crypto community have already voiced their opinions.

Also Read: What Will Happen If You Don’t Accept WhatsApp’s New Privacy Changes?

“Signal sold out their user base by creating and marketing a cryptocurrency based solely on their ability to sell the future tokens to a captive audience,” said Bitcoin Core developer Matt Corallo, who also used to be a contributor.

MobileCoin CEO Joshua Goldbard disputed the authenticity of the whitepaper, claiming that it wasn’t written by anyone at MobileCoin even though the project’s current whitepaper is almost identical to it. Marlinspike refused to say anything about his professional relationship with MobileCoin.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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