Signal, which is gaining prominence worldwide thanks to endorsements from the likes of Elon Musk, is reportedly experimenting on crypto payment features.
A news article on cointelegraph claimed that messaging app Signal is currently experimenting with its resources on the development of a payment system using cryptocurrency for its users. Casey Newton, the founder of Platformer, a technology newsletter service, mentioned in a report saying that Signal is working on a crypto payment integration.
Casey Newton’s report mentions that Signal ran pilot tests for a token on Stellar-based privacy cryptocurrency MobileCoin, which is backed by Binance. The CEO of Signal, Moxie Marlinspike, the adviser on the MobileCoin project, stated that the test is only just a trial run for future deployments on Signal.
JamesRuleXRPDizzy is a CEO of Astrolight Media Group, had this to tweet on Signal reportedly exploring crypto payment features.
Casey Newton’s Platformer report also claimed that the CEO of Signal, Marlinspike, has not confirmed the information as accurate. Marlinspike described the tests as exploring new designs for future use.
However, the CEO of Signal did add that they make think of using a payment system in Signal shortly. They want to be particular about how they go about things then. They do not want to be completely hypothetical at the moment.
Casey Newton’s Platformer report also mentions that some ex-employees of Signal confirmed that the messaging app is keen on pursuing the necessary protocols to integrate MobileCoin on Signal.
Early January, MobileCoin gave a clear idea of their working with the messaging app, saying that, if Casey Newton’s Platformer report is entirely true, Signal may be the first messaging service firm to provide digital payments through cryptocurrency.
On the other hand, Facebook is doing its best to get back after regulatory backlash. They are making several changes to their Diem project. That is because a privacy coin getting integrated with Signal can put Facebook at the risk of regulatory scrutiny.
A Financial News report stated that many services firms are not happy with the regulatory blind spot due to their traders shifting from WhatsApp to Signal. Recently, Signal’s user base saw a colossal surge of more than 100% due to WhatsApp’s policy changes.