Signal tests a new peer-to-peer crypto payments system.

Encrypted messaging app Signal has announced that it is working on letting users send money in cryptocurrency to friends and relatives.

Following the lead of its rival WhatsApp, the fast-growing encrypted messaging app Signal has announced to let users send money in cryptocurrency to friends and relatives. The platform revealed it is testing a new peer-to-peer payments system in the beta version of its app. The new feature called Signal Payments is available in the UK first will currently support a privacy-focused payments network called MobileCoin, which has its own currency, MOB, as reported by Business Standard. 

 

“Our goal is to keep your data in your hands.”

“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,” said Jun Harada, Signal’s head of growth and communication. “You can also transfer your funds at any time if you want to switch to another app or service,” he said in a statement late on Tuesday. “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,” the encrypted messaging platform said.

 

Cryptocurrencies continue to gain mainstream exposure. 

The leading cryptocurrency bitcoin witnessed a massive rally this year, seeing its price soar more than 1000%. The massive winning rally brought widespread exposure to the crypto industry. Several major institutions invested in different cryptocurrencies. The electric car maker Tesla invested $1.5 billion in the leading cryptocurrency earlier this year, creating a domino effect leading many other companies to invest in cryptocurrencies. Bitcoin reached as high as $62,000 last month. Central banks around the world are also actively exploring digital currencies in a way to ward off competition from cryptocurrencies. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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