HomeLatest NewsSignal messaging app considering crypto payment services

Signal messaging app considering crypto payment services

The secure messaging app, Signal, is reportedly considering venturing into cryptocurrency payment services

Signal messaging app is currently developing cryptocurrency payments and other features to compete in the messaging and payment sector.

According to Platformer, the firm is actively developing payment features in line with Stellar-based, privacy-focused crypto called MobileCoin. Signal CEO Moxie Marlinspike is an advisor on the project.

According to company insiders, MobileCoin is similar to the Facebook-backed Diem (formerly Libra) project. It will make it easier for people in developing countries to send and receive money. The app will also allow users to have unique usernames, tackling concerns about the current use of mobile phone numbers for opening an account.

WhatsApp co-founder Brian Acton is now actively involved in developing the payment service app, interviewing engineers and writing code.

However, Signal’s reported desire to launch a crypto payment service isn’t going down well with employees of the firm. The employees believe providing payment services would attract bad actors and unwanted regulatory attention to the company.

According to the employees, a crypto payment feature would draw criminals onto the platform, and usernames could increase impersonation and scams. Furthermore, the staff is concerned that Signal is yet to develop policies on handling bad actors.

Gregg Bernstein, a former user researcher at Signal, told Platformer that while the world needs products like Signal, the company has to be thoughtful about what it offers. Signal is experiencing rapid growth after seeing its users grow from 20 million in December to 40 million this month. WhatsApp’s planned privacy policy is touted as the main reason for users abandoning the popular messaging app by Facebook and joining Signal.

Iran to ban Signal

Signal is reportedly facing attacks from the Iranian government as interest in the app is rising. There are speculations that the government already has access to users’ information on WhatsApp and other popular messaging apps.

According to Aljazeera, many Signal users in Iran have been unable to connect to the app since it became the number one most downloaded app on the Google Play Store in the country this month. Signal has also been removed from Iranian app stores Cafe Bazaar and Myket.

However, Signal has assured its users in Iran that it is working on getting around the government’s attempts censorship.

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