Signal, the secure mobile messaging app, is testing a feature that allows you to send and receive cryptocurrencies. The company announced on its blog that the latest beta version will integrate Signal Payments, a feature for making cryptocurrency payments in messages.
According to Signal, the idea is to make payments fast, private and work well on mobile devices. The beta phase is already available in the UK and includes MobileCoin, the cryptocurrency created by the tech company in 2017.
Cryptocurrency payments on Signal will be as simple as sending a message. To achieve this you will need to connect a digital wallet to the app to send and receive cryptocurrency deposits. When linked, Signal will allow you to review your balance and payment history in a simple interface and with the promise of no access or manipulation of your funds.
People will be able to convert to MobileCoin using FTX, although Signal promised to add more exchange platforms. Similarly the testing phase will be extended to other countries, although for this to happen they will first need to analyze feedback from those already using it in the UK.
MobileCoin (MOB) was announced in 2017 by Signal as part of a plan to facilitate and democratize cryptocurrency payments. MOB is based on the Stellar Consensus Protocols platform, an open source alternative payment network that is fast and efficient.
Adding to the ease of use, MobileCoin offers individual encrypted transactions that take no more than 10 seconds to complete. In case you lose your mobile device, the option to retrieve your wallet without having to entrust your private keys to a third party is offered.
Signal’s cryptocurrency payments come at a time when digital currencies are beginning to consolidate in popularity. A few weeks ago Tesla made a million-dollar investment in Bitcoin and announced that it would accept it as a means of payment for its electric cars.
Following Tesla’s announcement, MasterCard confirmed that it would accept cryptocurrencies in its network, while Visa already sees them as a serious player. A few days ago PayPal announced that it will allow U.S. users to pay with Bitcoin, Ethereum, Litecoin and more. The company activated the “Checkout with Crypto” feature to convert digital currencies to dollars with no per-transaction costs.
To top it off, the explosion of NFTs skyrocketed the price of Ethereum in recent weeks. Despite all this, there are many analysts and companies that remain on the sidelines and do not invest in cryptocurrencies due to their volatility.