MobileCoin – a cryptocurrency venture receives $30 million from Binance

Binance, through its blockchain incubator Binance Labs, has led a $30 million funding round for MobileCoin which is denominated in Ethereum [ETH] and Bitcoin [BTC]. This capital will be used to develop the team and the product. MobileCoin is a privacy-centered cryptocurrency from Moxie Marlinspike, the creator of Signal, an encrypted messenger application. Additionally, MobileCoin will also be listed on Binance, which will undoubtedly support the emerging coin’s outlook.

In a statement, Binance Labs said:

“As one of the market leaders in the space, our mission at Binance Labs is to help advance blockchain technologies and grow our   collective cryptocurrency ecosystem. Cryptocurrencies like MobileCoin, plays a major role in leading mainstream cryptocurrency adoption as it is very user- friendly and mobile-first cryptocurrency.”

They also added:

“The MobileCoin team and Binance Labs share a common vision and we are proud to be a supporter of what MobileCoin is doing.”

For scalability and speed, MobileCoin will use Stellar Consensus Protocol to synchronize the transactions to the network and also ensure that the financial transactions are recorded accurately. Their aim is to link the MobileCoin wallet with a messaging app. The final version will be integrated into WhatsApp and Signal, the two messaging apps that use Marlinspike’s end-to-end encrypted Signal Protocol.

Furthermore, Shane Glynn, the legal counsel, will ensure that the company follows cryptocurrency regulation.

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In August 2017, Marlinspike joined MobileCoin as a technical advisor. However, his role and involvement in the project remains unclear.

According to a Twitter post by Jackson Palmer, the creator of Dogecoin:

“Take it with a grain of salt, but word on the street is that Moxie is barely involved with the actual development on this thing. The lack of a Github repo / any open source code doesn’t seem like his style.”

He further explained that he himself had not heard from Marlinspike but certain sources have told him that ‘he is hardly involved’. However, this remains unvalidated.

Alex Johnson, a market observer commented:

“It is strange that they chose to raise funds instead of going through an ICO. Using the ICO path must have had more regulatory issues and it is more risky, as compared to raising privately.”

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