Binance Labs Heads USD 30 Million Fundraising for MobileCoin

The funding is sought for a new privacy related cryptocurrency project.

by Marin Marinov
24 April • 3.5 min
In News

Blockchain incubator Binance Labs has participated in a USD 30 million fundraising round of a new cryptocurrency project MobileCoin, the virtual currency venture said on Tuesday. “Today we are announcing a fundraising round led by Binance Labs for USD 30 million denominated in Ethereum and Bitcoin. We will use this capital to build out our team and processes as we deliver this product,” MobileCoin said in a statement.

MobileCoin`s fundraising round is not an Initial Coin Offering (ICO) and the company does not plan an ICO at the moment, according to its Facebook and Twitter posts. Binance Labs is an incubator targeting pre-ICO investments unlike the crypto venture funds. It is part of Binance, the largest exchange by trading volume, as per Coins.Online data.

Moxie Marlinspike involvement

MobileCoin, a project for privacy related cryptocurrency and simplified online payments, was established in December 2017 hiring as an adviser Signal messaging app founder Moxie Marlinspike. Marlinspike is the developer of the Signal Protocol, integrated in Signal, WhatsApp and Facebook Messenger.

one hand, holding a working smartphone

“The technical design of MobileCoin is centered around a target user experience for integrating crypto-currency into mobile messaging apps like WhatsApp or Signal. A user should be able to install the app, enter a 4-digit PIN, and send/receive funds to/from other users addressed by their phone number or user identifier,” the company explains in its white paper.

MobileCoin plans its own wallet that should be integrated within WhatsApp, Signal and Facebook Messenger. The company will use Stellar Consensus Protocol (SCP) for payments, an open-source software that also has own cryptocurrency Stellar (XLM). SCP will enable “sub-second transactions under normal circumstances, along with decentralized control and trust” as explained by MobileCoin.

MobileCoin or MobileCoin?

Note that the current MobileCoin (MC) project is different from another crypto project with the same name, MobileCoin (MB), that seeks to create a privacy-related payment system with own cryptocurrency MBCC and that ended its ICO in January. The MB social media profiles have not been updated since January and it has not been listed on the British CMC Markets platform for a derivative trading as planned on its roadmap.

onewhite circle with black lines next to one yellow circle

MobileCoin (MC) logo on the left, MBCC coin design on the right.

Both MobileCoin venturesdo not disclose any information about their locations, which is relevant regarding ongoing regulatory activity and the unclear status of cryptocurrencies in terms of classification.

MobileCoin (MC) and MobileCoin (MB) are not the first privacy-oriented cryptocurrency projects. Verge (XVG) has recently announced a deal for online payments with Pornnub and Brazzers.