MobileCoin, a privacy-centric cryptocurrency project, has recently secured $30 million in a Binance Labs-led fundraising event. Binance Labs is a blockchain startup incubator associated with the leading cryptocurrency exchange Binance.
MobileCoin announced the fundraising event in a blog post on Tuesday and revealed that the entire amount is denominated in Bitcoin and Ethereum. Moreover, due to the association with , there is a chance that the exchange will list the coin soon, which, otherwise, is a rigorous process.
Commenting on the fundraising event, a representative of Binance Labs stated: “As one of the market leaders in the space, our mission at Binance Labs is to help advance blockchain technologies and grow our collective crypto ecosystem. 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.”
A promising project
MobileCoin has a promising development team working on the project, which includes the founder of encrypted messaging app Signal Moxie Marlinspike as its technical advisor and Shane Glynn, a former product counsel at Google, who is now responsible to ensure MobileCoin’s compliance with crypto regulations.
The creators describe it as 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”.
The project uses Stellar Consensus Protocol to record its transactions and is aiming to create an end-to-end encrypted messaging platform like WhatsApp and Signal – two apps which use Marlinspike-developed Signal protocol.
In MobileCoin whitepaper, which was published on December 2017, the team noted: “MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.”
Controversies?
However, the involvement of Marlinspike with MobileCoin was brought into question by Jackson Palmer, creator of DogeCoin and a prominent figure in the cryptosphere. Moreover, the project does not have a GitHub repository, which is odd for blockchain-based projects.
Take it with a grain of salt, but word on the street is that is barely involved with the actual development on this thing. The lack of a Github repo / any open source code doesn’t seem like his style.
— Jackson Palmer (@ummjackson)
Binance’s expansion
Binance is also trying to spread its reach worldwide and in different sectors. Recently, the crypto exchange to aid in the economic development of the east African country.
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