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WhatsApp's competitor Signal tests peer-to-peer payments via cryptocurrency

Encrypted messaging app Signal has announced that it is working to let users send money in cryptocurrency to friends and relatives

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whatsapp | Signal | free messaging app

IANS  |  New Delhi 

Signal
Signal app Photo: Shutterstock

Taking a cue from its rival WhatsApp, the fast-growing encrypted messaging app has announced to let users send money in cryptocurrency to friends and relatives, as it tests a new peer-to-peer payments system in the beta version of its app.

Called Payments, the new feature that is available in the UK first will currently support a privacy-focused payments network called MobileCoin, which has its own currency, MOB.

"As always, our goal is to keep your data in your hands rather than ours; MobileCoin's design means does not have access to your balance, full transaction history, or funds," said Jun Harada, Signal's head of growth and communication.

"You can also transfer your funds at any time if you want to switch to another app or service," he said in a statement late on Tuesday.

The company said it aims payments in Signal to be fast, private, and work well on mobile devices.

"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.

"If you want to give it a spin and let us know what you think, it's possible to convert to/from MOB on FTX and other exchanges soon".

already has a peer-to-peer payments facility in its app and is currently live in India and Brazil.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, April 07 2021. 10:10 IST
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