TL;DR Breakdown
- The privacy-focused messenger, Signal app, could integrate a crypto payment platform into its system.
- Users seek alternatives to WhatsApp due to privacy concerns.
- Elon Musk advises followers to use the Signal app.
There is no doubt that competition is rife in the technological industry. And in recent times, the competition has been between messenger applications trying to capitalize on the new privacy policy challenges being faced by WhatsApp.
One such application that appears to be milking its newfound fame is the privacy-focused messaging app, Signal, which has seen a significant growth in users in the past week. And in the hope of keeping all of its newfound users, the app has begun working on new features that would keep these users loyal.
Signal could integrate a crypto payment system into its platform
According to Casey Newton, the founder of Platformer, Signal app is now working to integrate crypto payment into its platform. This is not surprising as the firm has a strong inclination towards protecting its user’s privacy, so providing an avenue to make private transactions is totally in line with its goal.
The report went on to state that the app was already testing a token on MobileCoin. MobileCoin is a Stellar-based crypto platform that has the backing of Binance and, like Signal, is privacy-focused.
A top executive of the Signal app, Moxie Marlinspike, is also an adviser to the crypto platform. This could lead to a seamless deployment of the crypto payment platform on the messaging app.
Although Marlinspike says the rumors of these integrations are speculations, he confirmed that the firm was carrying out tests but labelled them as “design explorations.” It should be noted that other employees of the company have, however, confirmed that the firm was looking to integrate MobileCoin.
Signal’s newfound fame
Facebook-owned WhatsApp demanded its users to accept a new privacy policy update before February 8 or get deactivated. This new privacy policy demand caused quite a stir on social media networks as most messaging app users reacted negatively to the news.
While WhatsApp has since gone on to clarify what its new privacy policy meant, it was a little too late as foremost tech industry leaders like Elon Musk advised his followers to switch to the Signal app. This led to a meteoric surge in the number of users of the messenger.
TechCrunch said that the app got over seven million new downloads in the space of four days, which is way beyond the number of downloads it usually gets. Telegram also enjoyed the same surge as it claims to have had 90 million active users in January alone.
