Cryptocurrency MobileCoin raised $30 million for mobile payments

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A new privacy-centric cryptocurrency called MobileCoin recently raised $30 million in a Binance Labs-led fundraising event.

MobileCoin made the announcement in a blog post on Tuesday and said the entire amount is denominated in Bitcoin and Ethereum, according the TechCrunch.

In a December whitepaper, Mobilecoin described the currency as “an effort to develop 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 controls of funds to a payment processing service.”

MobileCoin uses Stellar Consensus Protocol to record its transactions and will emphasize user privacy.

The digital currency is designed so that mobile messaging apps like WhatsApp, Facebook Messenger or Signal can integrate with the MobileCoin wallet.

In order to be considered a viable alternative, MobileCoin will have to compete with established mobile payment services like Venmo and Paypal.

RUNDOWN SHOWS:
1. MobileCoin raising $30 million in Bitcoin and Ethereum
2. People using MobileCoin to make mobile payments
3. MobileCoin uses Stellar Consensus Protocol to record transactions
4. Messaging apps can integrate with MobileCoin wallet

VOICEOVER (in English):
“A new privacy-centric cryptocurrency called MobileCoin recently raised $30 million in a Binance Labs-led fundraising event. The entire amount was denominated in Bitcoin and Ethereum.”

“According to a MobileCoin whitepaper, the currency will be focus on speed, privacy and ease of use without giving up controls of funds to a payment processing service.”

“MobileCoin uses Stellar Consensus Protocol to record its transactions and will emphasize user privacy.”

“The digital currency is designed so that mobile messaging apps like WhatsApp, Facebook Messenger or Signal can integrate with the MobileCoin wallet.”

SOURCES: TechCrunch, Wired, MobileCoin
https://techcrunch.com/2018/04/24/mobilecoin-moxie-marlinspike-binance-labs/
https://www.wired.com/story/mobilecoin-cryptocurrency/
https://www.mobilecoin.com/whitepaper-en.pdf