Binance Labs has reported raising $30 million for privacy—oriented project MobileCoin. Binance Labs, a self-proclaimed blockchain technology incubator, is a subsidiary of the largest cryptocurrency exchange Binance. This fact might mean that the coin is going be listed on the exchange fairly soon, which plays to the MobileCoin advantage.
Binance Labs representative emphasized the crucial role of “mobile-first” cryptocurrency as a worldwide adoption driver:
“As one of the market leaders in the space, our mission at Binance Labs is to help advance blockchain technologies and grow our collective crypto ecosystem. A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. The MobileCoin team and Binance Labs share a common vision and we are proud to be a supporter of what they are doing.”
MobileCoin boasts a solid team of developers, which includes the founder of encrypted messaging app Signal Moxie Marlinspike and Shane Glynn, a former product counsel at Google.
The developers aim to create “fast, private, and easy-to-use cryptocurrency” which can easily be used in “resource-constrained environment” by users who don’t have the opportunity to safely store secret keys long-term. The project will be based on Stellar Consensus Protocol and will include an end-to-end encrypted messaging platform.
However, there are some doubts whether Marlinspike is really participating in the project. Jackson Palmer, an influential figure in the crypto world, doesn’t seem to thinks so. MobileCoin developers are also being criticized for the lack of GitHub repository, which is a suspicious thing for a blockchain project.