MobileCoin Proves The Importance Of Privacy-Centered Tokens
MobileCoin’s latest funding round was a huge success and well-received by investors. Marketed as the privacy-centered coin designed for everyone, the company raised $30 million in funding from a pool of investors led by Binance Labs.
The $30 million funding pool is denominated in Ethereum and Bitcoin. MobileCoin explained that the capital infusion would be used to “build out our team and processes as we deliver this product,” according to the report by Medium.
Binance Labs is the blockchain incubator of the cryptocurrency exchange Binance. In a statement, Binance Labs said that it supported the project because they want to grow the crypto ecosystem. In addition, MobileCoin’s mobile, user-friendly feature will greatly help the push for digital currency’s adoption into the mainstream.
MobileCoin has been headhunting for top talents lately. The company was already able to convince the founder of the popular encrypted messaging app Signal Moxie Marlinspike for a technical advisor role. In addition, former Google product counsel Shane Glynn is now on board as well and will help the company fully comply with regulatory requirements.
MobileCoin distinguishes itself from the pack by being more privacy-focused. According to its whitepaper released last December, most tokens sacrifice this privacy aspect by bringing in third parties to their processes in the hopes of enhancing user experience.
“Most attempts at building a compelling cryptocurrency user experience, unfortunately, resort to trusting a third party service to manage keys and validate transactions,” MobileCoin explained. ”This largely sacrifices the primary benefits offered by cryptocurrency to begin with.”
While transaction in the token will be easy-to-use and fast, MobileCoin will not follow that model. The token will maintain the privacy of its users and will not give up “control of funds to a payment processing service.”
To achieve this scalability and speed, the cryptocurrency will use the Steller Consensus Protocol to synchronize to its network. Another exciting feature to watch out for is the integration of mobile messaging apps such as Signal and WhatsApp to its wallet enabling transacting parties to communicate securely. With Marlinespike on board the team, integrating such messaging apps will be a breeze since they both user Signal Protocol.
The success of MobileCoin’s latest funding round just shows that investor interest in the cryptocurrency market is on the upswing. This is also reflected in the industry-wide rally experience by the crypto market in recent weeks.
With improving sentiment, the market is ripe for funding rounds and even ICOs. One such upcoming initial coin offering is Spyce, a token backed by Dnet’s infrastructure. The crypto will be super secure, and the infrastructure is designed for users to start their own coin mining operations when not using their PCs.
Dnet offers a variety of solutions for modern browsing needs. The company’s name essentially stands for decentralized internet, which means that the company and its service will remain net neutral despite what happens to the net neutrality issue in the U.S. The company will continue to treat all types of content or site equally, which is the true meaning of internet freedom.