Signal Experiments With Cryptocurrency-Based Peer-To-Peer Transfers

Taking a cue from its rival WhatsApp, the fast-growing encrypted messaging app Signal has announced to let users send money in cryptocurrency to friends and relatives, as it tests a new peer-to-peer payments system in the beta version of its app.

Called Signal Payments, the new feature that is available in the UK first will currently support a privacy-focused payments network called MobileCoin, which has its own currency, MOB.

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"As always, our goal is to keep your data in your hands rather than ours; MobileCoin's design means Signal does not have access to your balance, full transaction history, or funds," said Jun Harada, Signal's head of growth and communication.

"You can also transfer your funds at any time if you want to switch to another app or service," he said in a statement late on Tuesday.

The company said it aims payments in Signal to be fast, private, and work well on mobile devices.

"Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface," the company said.

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"If you want to give it a spin and let us know what you think, it's possible to convert to/from MOB on FTX and other exchanges soon".

WhatsApp already has a peer-to-peer payments facility in its app and is currently live in India and Brazil. (IANS/KB)