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Signal new payments feature that lets users send and receive cryptocurrency

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Signal

HIGHLIGHTS

  • The signal application is testing a new feature to let you send cryptocurrency.
  • It has added support for a payments network called MobileCoin.
  • The messaging app is yet to begin testing the features in the other markets.

The Signal application is testing a new feature that will help users to send and receive money in cryptocurrency from friends and relatives. The company said it aims payments in Signal to be fast, private, and work well on mobile devices.

The new payment system makes it easier for users to connect a MobileCoin wallet to the instant messaging app. The interlinking allows users to send funds to their friends and family, receive funds, and also keep a track of all the transactions. Activating the payment feature will create a MobileCoin wallet with your Signal account. The cryptocurrency can then be sent and received to and from your friends in less than 10 seconds. 

The Signal does not want its users to link their bank accounts or debit cards to send or receive money on the app, it plans to rely on cryptocurrency for that. Only the sender and receiver will know about the transactions, Signal will not have access to anything related to users’ money on its app.

The Signal company Spokesperson said:

“Our goal is to keep your data in your hands rather than ours; MobileCoin’s design means Signal does not have access to your balance, full transaction history, or funds. You can also transfer your funds at any time if you want to switch to another app or service.”

To maintain privacy, Signal developers decided to use the financial network run by MobileCoin, which is designed to encrypt all transactions made with the cryptocurrency.

“Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface,” the company said.

The feature is currently available to users in the United Kingdom for testing. The company is looking forward to the feedbacks and will expand beta to other markets on the basis of that.

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