Crypto billionaire Sam Bankman-Fried (SBF) invests in MobileCoin, a crypto advised by privacy messaging app Signal’s founder, Moxie Marlinspike. The CEO of crypto exchange FTX made the investment via his quantitative crypto trading firm Alameda Research.
MobileCoin has raised $66 million in a Series B round to expand its payments technology. Coinbase Ventures, Salesforce CEO Marc Benioff’s TIME Ventures, and BlockTower Capital also joined the round, looking to put MobileCoin in more messaging apps.
Founded in 2017, MobileCoin has developed a cryptocurrency payment system to facilitate private, secure, instant transactions on mobile devices. MobileCoin is comparable to other crypto payment platforms based on mobile messaging applications such as Facebook’s Libra (now Diem), and Telegram’s TON.
Since 2018, Signal founder Moxie Marlinspike has been an adviser to MobileCoin. This April, Signal integrated MobileCoin’s token, MOB Token, in beta with the payments feature in the privacy messaging app.
According to Marlinspike, MobileCoin is a “privacy coin” to protect users’ identities and the details of their payments. “[MobileCoin] is an ideal fit for Signal,” says Marlinspike.
MobileCoin Joining the Expanding Solana Ecosystem?
Also, CoinDesk reports that MobileCoin is developing a stablecoin, MobileUSD, to reduce the risk of volatility during transactions.
MobileCoin could be a new member joining the expanding Solana ecosystem—Bankman-Fried is a long-time champion of Solana. FTX has built a decentralized exchange, Serum, on top of Solana to take advantage of the blockchain’s speed and security.
In June, Solana Labs completed a $314 million private token sale led by Andreessen Horowitz and Polychain Capital. Bankman-Fried’s Alameda Research has also participated in the raise.
Positioning itself as a challenger to Ethereum, Solana’s DeFi ecosystem is accelerating in development. The value of all the tokens staked (TVL) in Solana-based DeFi applications is now over $2.2 billion. Solana, Raydium, Serum, SolFarm and Mercurial Finance are the top 5 dominating platforms in terms of TVL.
Lately, Solana has enjoyed a surge in popularity following the launch of the network’s NFT collections, such as the Degenerate Ape Academy, and the Sollamas NFTs.
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