Signal is working on a way to let people send money privately
The company is looking at using a privacy-focused cryptocurrency, MobileCoin.
One of Signal’s biggest selling points is that it is a messaging app that prides itself on its privacy. Everything is encrypted for the user and all interactions with others are end-to-end encrypted. In fact, Signal requires almost no personal information to sign up.
Now, the company is trialing a way for users to send money to each other. While this has become a normal feature in messaging apps, it does make keeping user privacy a dilemma because typically that means attaching bank information to your account. There are also traditional crypto options like Bitcoin, but with all of those transactions being on the blockchain, privacy can be questionable.
Signal’s solution? Using MobileCoin, a cryptocurrency that also prides itself on privacy. Essentially, this method will keep all transactions private and between the two users sending and receiving money. Signal notes in a blog post that it can’t even see your balance or transactions.
Currently, the ability to use MobileCoin in the messaging app is in beta and only available to users in the UK. Signal does not reveal its future plans but does note that it will look to expand the beta once it gets more feedback.
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