WhatsApp, Messenger, and Signal are just a few of the social networks that have recently added cryptocurrency features. But it’s not just the top-tier social networks that are getting the crypto treatment. Facebook Messenger has also begun using the cryptocurrency feature, and it’s going global. Regulatory pressure on cryptocurrency is increasing as governments like China and India ban the use of cryptocurrency. Meanwhile, the US government has become more antagonistic towards the industry.
Signal
Signal has added a Cryptocurrency feature, which enables users to send and receive encrypted payments. Once you’re logged into your Signal account, tap on your profile picture and choose “Payments.” To receive crypto payments, load your Signal wallet with MobileCoin, and then send it to a crypto wallet of your choice. You can even use your Signal wallet to send and receive Bitcoins.
While Signal has always been known for its strong privacy policies, users are concerned that cryptocurrency payments could lead to unscrupulous activity. Furthermore, Signal’s involvement could bring the spotlight on the company.
WhatsApp has launched its first cryptocurrency feature, known as Novi, to allow users to send and receive money in virtual currencies. The feature was initially rolled out for testing in Guatemala six weeks ago, but has now gone worldwide. Users of the messaging app can now send and receive money with their friends and family around the world without any fees, using the USPD stablecoin, issued by the social network Paxos.
Meta-owned WhatsApp is currently testing cryptocurrency payments in the US. It has launched a digital wallet called Novi, which uses the Paxos stablecoin. The new feature will allow users to send and receive money without any fees, and will appear in chats directly.
Messenger
Many messenger companies are considering integrating crypto payments into their applications, and some have already made the move. However, before implementing this feature, these companies need to make sure that the IRS will not prosecute them for accepting cryptocurrencies as payment. Moreover, integrating cryptocurrencies into messaging can attract criminals and expose users’ financial information.
Signal, for example, has added the ability to accept crypto payments since April. The development of this feature began as a side project for the creator of Signal, Moxie Marlinspike. However, Signal is now testing the payments feature in the United States and is expanding it to other regions. The company’s platform uses the MobileCoin cryptocurrency to facilitate payments.
Signal has a number of plans for the cryptocurrency payments feature. One is to allow Signal users to transfer MobileCoin privately. The company plans to make this feature available to all users in the UK in the near future.
Bitcoin
The latest technology in the form of Bitcoin is a form of digital cash that can be transferred between users of different countries. This feature allows users to buy and sell products and services without the need to use a bank or trust the government to responsibly manage the money supply. Although this may sound like an oxymoron, it is a reality for many people and it has become a popular alternative payment method for consumers.
MobileCoin
MobileCoin’s cryptocurrency feature has gone global, but it’s not yet available to everyone. The privacy-preserving features of monero are the building blocks that MobileCoin uses to secure communications. However, the company is not giving credit to monero for the new feature. The company has a team of five full-time employees, and relies largely on donations. Its founder, Brian Acton, previously worked for Whatsapp and has injected $50 million into the project. In 2018, Signal filed its tax returns and reported a revenue of $610,000, as well as assets and liabilities of over $100 million.
The company says the timing of its global beta rollout is crucial for its massive adoption. It now sees thousands of transactions per day, compared to a few dozen per day prior to the release of its global beta. And according to its founder, this success will spur more adoption of cryptocurrency. The feature works with over 100 million devices and can send an end-to-end encrypted payment in less than five seconds.