Privacy-focused messaging application, Signal App, is looking to step up its service by tapping into the cryptocurrency payment space. Per an announcement on Tuesday, Signal is planning to trial crypto payments on the application to enable its users to send and receive funds via digital currency.
Signal is testing crypto payments in beta
The Signal Payments feature is reportedly in beta mode. However, only users in the United Kingdom are able to participate in the current development stage. For the service, the messaging app partnered with a privacy-focused payments network, Mobile Coin, to enable the integration of its privacy-oriented cryptocurrency MOB as a payment option.
“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,” said Jun Harada, Signal’s Head of Growth and Communication.
The messaging app won’t have access to users’ sensitive data. These include their balance, transaction history, and funds, according to the blog post on Tuesday.
Moving the Competition Up a Notch
Many social media platforms show interest in dealing with cryptocurrencies, with Facebook being the first mover, following the announcement of its Libra project, which is currently known as Diem. The project faced several criticisms from global regulators as they were concerned that such a project from Facebook could undermine financial systems.
Meanwhile, Facebook recently got dragged for its terrible reputation with regards to how they handle user data. Users were irked the moment the news came out on their decision to modify the WhatsApp policy. Elon Musk even took things into his own hands by telling his followers to stay away from the app to protect their privacy while recommending Signal.
Afterward, privacy messenger gained more traction in the form of new users joining the platform. It seems like app is ready to take this competition to another level with the way things are. They made a great move by integrating cryptocurrency payments into their app because the majority of the online users are now interested in joining the cryptocurrency world.