Signal messaging app tests cryptocurrency payment function

The messaging app known for its data economy and strong encryption. Signal is testing a payment feature in the UK with MobileCoin. Signal beta users can send the relatively unknown cryptocurrency to each other. Signal’s goal is according to “Wired”to provide a way to send money in such a way that no one except the sender and recipient can see or track it.

There has been a link between Signal and MobileCoin for a long time: Signal founder Moxie Marlinspike was a paid MobileCoin advisor and participated in the development. The underlying technology is intended to ensure that transfers are largely anonymous and that the amount of transactions is concealed.

Signal users who can already test the system need to set up a MobileCoin wallet and link it to their Signal app on their smartphone. Until now, you can only buy MobileCoin on the FTX cryptocurrency exchange. The value fluctuates a lotIn the last 24 hours alone, it was sometimes 27 euros and sometimes 61. This is a problem for users, because they would have to count on large losses when converting to the traditional currencies that are more useful in life everyday.

Experts like crypto professor Matthew Green consider this step dangerous anyway, because Signal is actually attracting more extensive regulation: »I am absolutely horrified that you are mixing this really clean story of an encrypted messenger with the nightmare of encryption. laws and regulations, bring cryptocurrencies with you, “he said,” Wired. ” Security expert Bruce Schneier sees it this way too.

However, Marlinspike believes that Signal has no more regulations to fear as Signal will not have any control over MobileCoin. MobileCoin founder Josh Goldbard even told “Wired” that Signal had to introduce a payment feature “to remain competitive with the world’s leading messaging apps.”

However, so far Signal has not presented itself as overly competitive. “Signal is non-profit,” Marlinspike said in February. in conversation with SPIEGEL stressed. »We support ourselves with donations directly from those who use our application. And so far people seem to think that Signal and their privacy are important enough to keep the project going. “