Signal, one of the world’s largest--and private--instant messaging apps, has released its cryptocurrency feature for its users across the world. The payment feature allows users to pay with a new, privacy-focused cryptocurrency called MobileCoin. But the company has not announced its release even though the feature has been available to users since November.
“MobileCoin founder Josh Goldbard confirmed the timing of the rollout, and says that it spurred massive adoption of the cryptocurrency, which now sees thousands of daily transactions versus just dozens before the global beta release,” reported Wired.
MobileCoin is a privacy coin that has been built using the same techniques behind popular privacy coins like Monero and Zcash. Unlike other cryptocurrencies like Bitcoin, which have a public ledger, MobileCoin has features that make payments and transactions hard to trace but easy to confirm.
Signal’s foray into cryptocurrency is because the app wants to bring its widely lauded privacy protection systems to monetary transactions.
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But the company’s new feature may bring much greater complications than it has bargained for. Nations across the world have been increasing the regulatory pressure on the cryptocurrency industry. From China’s complete ban, to India’s proposed bill that bans all private virtual currency, to the increasing adversarial stance of US regulatory authorities.
It is for these reasons that many of Signal’s supporters and users are concerned. The instant-messaging app is used by millions across the world for its sophisticated and thorough privacy protection systems. Many believe that by delving into the legally hazy world of cryptocurrency payments the company is risking pitting itself against governmental authorities. As the new coin is likely to be used by many for unscrupulous activity, the same activity would bring the authorities spotlight on the company.
