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Signal Begins Beta Tests of Payments Feature

Fast growing messaging app Signal has begun beta tests in the UK of a P2P payments service, initially utilising a proprietary cryptocurrency from MobileCoin.

MobileCoin, developed in concert with technical guidance from Signal founder Moxie Marlinspike, raised $11.3 million in venture capital early last month as rumours of an integration with the privacy-focused messaging app swirled.

The Signal Payments features enables users to link a MobileCoin wallet to Signal for sending and receiving funds and viewing transactions through a simple interface.

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“MobileCoin’s design means Signal does not have access to your balance, full transaction history, or funds,” states the firm. “You can also transfer your funds at any time if you want to switch to another app or service.”

MobileCoin’s cryptocurrency, dubbed MOB, is currently available for purchase on the FTX exchange.