The adoption of crypto as a payment method is gaining traction. Recently, Tesla, one of the world’s most valuable auto companies, announced that it would be accepting Bitcoin payments. The momentum is not slowing down if the latest news is anything to go by. Privacy-focused messaging App Signal has announced that it would allow users to send cryptocurrencies privately.
It made this announcement yesterday, adding that it would integrate MobileCoin in a beta version of the App. The system would see users make peer-to-peer payments on App. The new system is called Signal Payments and has already been released in beta for Android and IOS users in the U.K. It will be using MobileCoin, which is primarily designed for smartphone-based payments.
The implementation comes just months after Signal announced plans to integrate cryptocurrencies. In January, the platform’s head of growth and communication, Jun Harada, stated that they endeavoured to keep data in the user’s hands. He added that for this reason, MobileCoin is designed in such a way that it does not give Signal access to the user’s balance, or even their transaction history. The App also allows for a transfer of funds to any other App at any time that the user deems appropriate.
This is a big step and could point to the direction that social communication could take in the future. Recently, it was announced that the Facebook data of more than 500 million people had been posted in a hacker’s forum. All this points to a future where privacy in communication and payments becomes the key selling point in social media.