Signal Faces Criticism Over its Association With MobileCoin

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Signal, an encrypted messaging application has recently faced criticism over its partnership with MobileCoin with a notable increase of 450% in the price of MOB following the announcement. The controversy has risen due to the recent announcement by Signal integrating with MobileCoin.

Signal Involved in Controversy After MobileCoin Association

The users of the encrypted messaging application have recently expressed their concerns regarding the links between the founder of Signal and the cryptocurrency services provider, MobileCoin. 

In addition to this, they are concerned regarding the opacity that surrounds the issuance of the coin and controversial gains leading up to the announcement of the partnership.

Talking about the details of the encrypted messaging application, Signal has already been welcomed by the privacy and security-conscious community since its introduction as Open Whisper Systems in 2013 and its rebranding two years later.

Founded in the year 2017, MobileCoin issued approximately 15% of its total supply to individual investors after its entire supply was minted at introduction.

As announced by the messaging app on April 4, Signal has launched payment workability through MobileCoin.

Moxie Marlinspike, the Founder of Signal stated that they chose MobileCoin due to its low storage requirement and ability to provide fast transactions without compromising the privacy of mobile devices.

The CEO of MobileCoin released a statement regarding the circulating supply of MOB that can be made public. The statement read:

“Regarding circulating supply, we are still working with our lawyers to determine what we can and can’t say here. The total number of coins is 250M, all of which were minted on day 1. We have been working diligently to get the coins into the ecosystem as quickly as possible.”

Goldband Notes 50% Coins Can be Bought on Buymobilecoin Website

Buymobilecoin is a website that enables individuals to buy MobileCoin tokens directly from the project. This has given invitations to the controversies that are surrounding the encrypted messaging app.

Moreover, the cryptocurrency withholds information regarding the number of coins that are sold through the platform.

Goldband released a statement that read:

 “With respect to how many coins were sold at buymobilecoin.com, we do not release this information out of respect for the privacy of our users.”

Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

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