According to media outlet Platformer, Signal, the encrypted messaging app, is exploring the possibility of adding payments. In doing so, they look at the integration of MobileCoin, a privacy coin built on the Stellar blockchain.
WhatsApp is scaring users away
The app from Signal, but also from competitor Telegram, has been downloaded a lot in recent weeks. This is because WhatsApp announced a controversial new privacy policy that led millions of users to explore alternative services.
More resistant to surveillance
Signal's CEO, Moxie Marlinspike, previously worked as an advisor to MobileCoin. He described this coin as:
"more resilient to surveillance, whether it comes from a government or a criminal."
More and more companies are involved in digital payments, and that can be seen as a trio MFF for the crypto industry. But it also has a downside. Just look at the criticism Facebook received when they first announced their Libra coin (now Diem). All politicians could make a good impression by being against this currency. Even world leaders spoke out about Facebook's plan.
Under magnifying glass
Platformer writes that Signal employees fear that by adding payment options, they too will be under the magnifying glass of world leaders. In addition, it can also be risky, as a payment platform can attract people with bad intentions.
Employees say other new features are "ripe for abuse." Signal doesn't get much criticism when it comes to privacy features, other than requiring users to register with a phone number. There are plans to ban phone numbers from the platform and only work with usernames.
Marlinspike was quoted by Platformer:
"When we decide we want payments in Signal, we have to think carefully about how we do it. It's hard to be completely hypothetical."
Copy from Telegram
Perhaps Signal can learn from Telegram. They have an unpleasant experience with cryptocurrency's. Last year, Telegram reached a settlement with the US Securities and Exchange Commission over the controversial sale of tokens for the Telegram Open Network, TON for short. More than $ 1.7 billion had been raised and the company was ordered to return $ 1.2 billion to investors.
