Now, after taking the digital world by storm, reports have come in that Signal has begun to pump in resources to begin the development of cryptocurrency payments integration for its users on the app. The tests for the token to run this service is being run on MobileCoin, a Binance-backed privacy cryptocurrency platform. This news has also been backed by former Signal employees who have confirmed that Signal plans to integrate MobileCoin on its platform.
The CEO of Signal, Moxie Marlinspike has, however, waved these views aside stating that the tests were mere design explorations and that integrating payments on Signal would not be a hasty hypothetical decision. This is coming in the midst of his performance as an adviser on the MobileCoin project, an occurrence that has further fueled the speculations. MobileCoin did try to clarify its position with Signal earlier this month stating that although Moxie advised them, the messaging service is totally independent of their product.
However, if the claims prove to be true in the long run, Signal will go on to set the ball rolling for popular messaging services in the crypto and digital payments space. It is worthy to recall the efforts of the likes of Facebook and Telegram who envisioned such a future for their platforms but were met by severe regulatory opposition. It must not be forgotten that MobileCoin is a privacy coin. Integrating a privacy coin on a privacy-centered messaging platform would raise quite a number of eyebrows and put the company under severe regulatory scrutiny. Also worthy of note is the prospect that such a level of anonymity, both in conversations and financial transactions could serve as a driving force for illegal activities and make Signal a potential crime hub. So, if Signal decides to ply this route it is expected that they may likely face the same fate as Facebook and Telegram.
It is not new knowledge that Facebook has not backed out on their idea and has instead devoted time to revising and redrafting their proposition. This is because the idea of messaging services integrating crypto payment services on their platforms though highly regulatory touchy is an innovative one. The level of decentralization and access to financial services it would provide need not be overemphasized. Time will however tell if the reports can be relied on or not.
Let us know what you think in the Comment Section…
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
El Salvador Adds Fresh 150 Bitcoins as BTC Price Slides
10 Days after Adopting Bitcoin, El Salvador Records 17% Adoption for its Wallet Chivo
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...