MobileCoin, a new privacy-centered cryptocurrency, announced that Binance Labs will lead a $30 mln round of fundraising for the project, according to a Medium post[1] April 24.
The blog post stated that the Blockchain technology incubator[2] associated with the Binance[3] cryptocurrency exchange is leading a $30 mln round of investment denominated in Bitcoin[4] (BTC) and Ethereum[5] (ETH). According to TechCrunch[6], 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[7] since 2010, work as legal counsel, ensuring MobileCoin is compliant with crypto regulations.
In the MobileCoin whitepaper[8] published in December 2017, the project’s creators described their intention to develop a “fast, private, and easy-to-use cryptocurrency[9] 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[10] 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
