Popular online messaging app Signal has rolled out new updates on the first week of January 2022, allowing users to utilize crypto as a mode of payment within the app. MobileCoin (MOB) was chosen to be the cryptocurrency partner in this new rollout and can now be linked to a users’ signal account via a crypto wallet.
As of now, the update is available to users who have the 5.27.8 version on Android and the 5.26.3 version on iOS. The update allows users to send and receive payments with ease as long as they use MOB. Additionally, using crypto to transact in the app boasts faster transaction speeds compared to using fiat currency.
According to reports made by American-based culture, politics and technology magazine Wired, Signal was initially supposed to release this feature as a beta operation in the UK last 2021. The purpose was to get an idea of how the use of digital assets will fare, but the company ended up releasing the update for all Signal users worldwide in 2022.
In a press release published on the MobileCoin platform last January 6, CEO and founder Joshua Goldbard discussed the potential of MOB and why it’s beneficial for apps like Signal. ‘There are over a hundred million devices on planet earth right now that have the ability to turn on MobileCoin and send an end-to-end encrypted payment in five seconds or less’.
Users can find the new update under the ‘Payments’ option of the app. It is still labelled as a beta feature, which means that it is not permanent and fully developed but can already be used by account holders. After acquiring MOB on a trading platform, the funds are to be transferred to a wallet which is then linked to a users’ Signal account for their personal use.
MobileCoin was first made available in the crypto market last December of 2020 and has since seen a steady rise in its value and popularity. The digital currency now holds a price of US$9.3097 and a market cap of US$690 million.
Signal, on the other hand, has been around since its first release in July 2014. The app supports online messages, calls, group messages, file sharing and voice notes among other features.
The app’s recent announcement of accepting MOB as a mode of payment has been considered a bold move. This is because Signal is considered to be WhatsApp’s main rival, and the latter has also made the move to accept cryptocurrencies last 2021.
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