Binance Labs, the blockchain unit of the world’s largest cryptocurrency exchange Binance has raised $30 Million backing Signal founder Moxie Marlinspike on his privacy-centric cryptocurrency project, named MobileCoin.
MobileCoin announced the fundraising event in a blog post on Tuesday and revealed that the entire amount is denominated in Bitcoin and Ethereum. Moreover, due to the association with Binance, there is a chance that the exchange will list the coin soon, which, otherwise, is a rigorous process.
MobileCoin is being touted as a cryptocurrency meant to enhance the user experience on mobile devices. The idea is to solve the usability, scalability, and privacy concerns associated with existing cryptocurrencies.
MobileCoin has a promising development team working on the project, which includes the founder of encrypted messaging app Signal Moxie Marlinspike as its technical advisor and Shane Glynn, a former product counsel at Google, who is now responsible to ensure MobileCoin’s compliance with crypto regulations.
In its white paper, MobileCoin describes its integration of cryptocurrencies into mobile messenger apps, saying “MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.
The white paper reads:
A user should be able to install the app, enter a 4 digit PIN, and send/receive funds to/from other users addressed by their phone number or user identifier. Transactions should take less than a second, funds should immediately be available for use, and neither the messaging service nor any other third party should learn anything about a user’s account balance or transaction history (such as who is paying who). At any point, a user should be able to reinstall the app or get a new phone and regain secure access to their funds simply by entering a 4-digit PIN. Payments should also be possible across apps and networks.
The biggest problem MobileCoin aims to solve is to create a cryptocurrency where users who aren’t equipped to reliably maintain secret keys over a long period of time, all without giving up control of funds to a payment processing service.
The project uses Stellar Consensus Protocol to record its transactions and is aiming to create an end-to-end encrypted messaging platform like WhatsApp and Signal – two apps which use Marlinspike-developed Signal protocol.
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