MobileCoin, a new privacy-centered cryptocurrency, has announced that Binance Labs will lead a $30 mln round of fundraising for the project, according to a Medium blog post April 24.
The
blog post stated that the Blockchain
technology incubator associated with the Binance cryptocurrency
exchange is leading a $30mln round of investment denominated in Bitcoin (BTC)
and Ethereum (ETH). According to
TechCrunch, the new cryptocurrency could “enjoy ‘priority
consideration’ for being listed on Binance as part of the relationship.”
In
addition to working with Binance Labs, MobileCoin has on-boarded talent like
Moxie Marlinspike, founder of encrypted messaging app Signal, as a technical
advisor. Shane Glynn, who has served as product counsel at Google since
2010, work as legal counsel, ensuring MobileCoin is compliant with crypto
regulations.
In
the MobileCoin whitepaper published
in December 2017, the project’s creators described their intention to develop a
“fast, private, and easy-to-use cryptocurrency that can be deployed
in resource constrained environments to users who aren’t equipped to reliably
maintain secret keys over a long period of time, all without giving up control
of funds to a payment processing service.”
MobileCoin
will reportedly use the Stellar Consensus Protocol in
order to synchronize to the coin’s network and assure scalability and speed,
while the end product will be integrated into mobile messaging apps:
“MobileCoin is designed so that a mobile messaging application like
WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin
wallet.”
Binance Labs commented on the funding:
“A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a
critical role in driving mainstream cryptocurrency adoption. The MobileCoin
team and Binance Labs share a common vision and we are proud to be a supporter
of what they are doing.”
Recently, Binance partnered with
Ugandan Blockchain organization Crypto Savannah. The collaboration intends to
support economic development of the East African country by generating employment and attracting
investment to the country.
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