Signal already allows payments to be sent between users using cryptocurrencies

Signal, messaging app with an emphasis on privacy, adds to your app the ability to send money between users, and it does so through cryptocurrencies.

In Europe, the application by experience in messaging is WhatsApp. Other apps like Telegram, or Facebook Messenger itself, rack up thousands of users, but not as many as the Green Logo app which is part of the Facebook conglomerate. Signal remains an option for those who are really aware of the privacy of their conversations and their data, and now they are adding the ability to send money between users, but also to put privacy at the forefront.

Signal announced the integration (in beta version) of its payment system equals, they named after Signal payments and this will allow you to send funds between users via a cryptocurrency.

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MobileCoin, the cryptocurrency to send money via Signal

Yes, cryptocurrency in the singular, since this new system under test is only compatible with the wallet of MobileCoin, which has its own MOB cryptocurrency.

According to Signal, they added a protocol that above all guarantees the privacy of users’ payments and their anonymity. They don’t say if they will add support for other cryptocurrencies beyond MobileCoin in the future.

Even now Signal payments It is in testing, in the beta of the app and only for users who live in the UK, but they are hopeful that after receiving user feedback its availability will be extended to other locations.

It’s no mystery how it works: In Signal, users have the option to check their fund balance, add funds, or send to other contacts. When making cryptocurrency transfers, the total amount as well as the network commission and conversion (in this case in pounds) are shown.

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From Signal, they also confirm that all these data remain in the possession of the user. They do not have access to balances, history, fund amounts, or transaction history.

In China, for example, WeChat is very popular and its payment system is widely used. Here we still do not have a similar system in messaging apps, the big hope seems to be the payment system for WhatsApp that we have been waiting for so long, but so far not fully implemented.