Secure Messaging App Signal Reportedly Toying With Crypto Payments
Private messaging app Signal is developing cryptocurrency payments and other features that reportedly have employees worried.
Signal is actively developing payment features relating to a Stellar-based, privacy-focused cryptocurrency called MobileCoin, a project advised by Signal CEO Moxie Marlinspike, Platformer said Tuesday.
Like the the Facebook-backed Diem (formerly Libra) project, MobileCoin has been touted internally as a way to make it easier for people in developing nations move money around, per the report. The app is also said to be working on allowing customers to have unique usernames amid concerns about its current use of mobile phone numbers as the basis for accounts.
However, employees at the firm fear the additions may open the app up to abusive behavior and bring negative attention to the app and encryption technologies from regulators, Platformer said.
A crypto payments feature is seen by staff as risky, since it may draw criminals onto the platform, while usernames run the risk of impersonators and scammers. There are also concerns that Signal may be failing to develop policies on how to handle bad actors.
“The world needs products like Signal but they also need Signal to be thoughtful,” Gregg Bernstein, a former user researcher at Signal told Platformer.
MobileCoin is said to be a mobile-first privacy coin built with Stellar’s blockchain technology. In May 2018, the project raised $30 million via a simple agreement for future tokens (SAFT) sale.
Source link of the information used for this article by Mickael Mosse Cryptocurrency and Blockchain Advisor.
Originally published at https://mickaelmosse.com on January 26, 2021.