Binance Labs comes to the aid of a new privacy-centered cryptocurrency

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Binance comes to aid of a news privacy centered cryptocurrency

Earlier on April 24th, MobileCoin, a new privacy-centered cryptocurrency, made an announcement via a medium post, stating that Binance Labs would be leading a $30 million round of fundraising for the project.

According to the blog post, it states that the Blockchain technology incubator which is connected to the Binance cryptocurrency exchange would be leading a $30 million round of investment denominated in Ethereum (ETC) and Bitcoin (BTC).

As per a post by TechCrunch, regarding this announcement, it states that the new cryptocurrency could “be considered as a ‘Top priority’ cryptocurrency, as it would be listed on Binance as part of the affiliation.”

There was an official announcement regarding a partnership with Binance Labs, for which MobileCoin has also hired dynamic personalities like Moxie Marlinspike, the founder of an encrypted messaging app Signal, and Shane Glynn, who has served as Product Counsel at Google since 2010. According to the announcement made by MobileCoin, Marlinspike has been hired as a technical advisor, while Glynn would work as a legal counsel, in order to make sure that, MobileCoin is compliant with crypto regulations.

The MobileCoin whitepaper, which has been published in December 2017, reveals that the project’s developers hope to create a highly efficient and a private cryptocurrency, that can be deployed in resource-constrained environments to users who are not equipped to reliably maintain secret keys over a long period of time.

As per reports, In an attempt to synchronize to the coin’s network and assure high speed and scalability, MobileCoin would be utilizing the Stellar Consensus Protocol, which would later be integrated into mobile messaging apps.

Binance revealed more through a statement which reads:

“MobileCoin is being developed with the aim of integrating a ‘MobileCoin Wallet’ into mobile messaging applications like WhatsApp, Facebook Messenger, or Signal.”

Binance Labs also gave a statement regarding the funding announcement, which reads:

“By launching a mobile-first, user-friendly cryptocurrency,  MobileCoin, has been responsible for attracting a majority of individuals towards cryptocurrency adoption. We at Binance Labs share a common vision with The MobileCoin team, and we are delighted to help them progress towards their vision.”

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