MobileCoin, a privacy-centric cryptocurrency project, has recently secured $30 million in a Binance Labs-led fundraising event. Binance Labs is a Blockchain startup incubator associated with the leading cryptocurrency exchange Binance.
MobileCoin announced the fundraising event in a blog post on Tuesday and revealed that the entire amount is denominated in Bitcoin and Ethereum. Moreover, due to the association with Binance, there is a chance that the exchange will list the coin soon, which, otherwise, is a rigorous process.
Commenting on the fundraising event, a representative of Binance Labs stated: “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.”
A promising project
MobileCoin has a promising development team working on the project, which includes the founder of encrypted messaging app Signal Moxie Marlinspike as its technical advisor and Shane Glynn, a former product counsel at Google, who is now responsible to ensure MobileCoin’s compliance with crypto regulations.
The creators describe it as a “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 control of funds to a payment processing service”.
The project uses Stellar Consensus Protocol to record its transactions and is aiming to create an end-to-end encrypted messaging platform like WhatsApp and Signal - two apps which use Marlinspike-developed Signal protocol.
In MobileCoin whitepaper, which was published on December 2017, the team noted: “MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.”
Controversies?
However, the involvement of Marlinspike with MobileCoin was brought into question by Jackson Palmer, creator of DogeCoin and a prominent figure in the cryptosphere. Moreover, the project does not have a GitHub repository, which is odd for blockchain-based projects.
https://twitter.com/ummjackson/status/988868418399911936
Binance’s expansion
Binance is also trying to spread its reach worldwide and in different sectors. Recently, the crypto exchange partnered with Ugandan Blockchain organization Crypto Savannah to aid in the economic development of the east African country.
MobileCoin, a privacy-centric cryptocurrency project, has recently secured $30 million in a Binance Labs-led fundraising event. Binance Labs is a Blockchain startup incubator associated with the leading cryptocurrency exchange Binance.
MobileCoin announced the fundraising event in a blog post on Tuesday and revealed that the entire amount is denominated in Bitcoin and Ethereum. Moreover, due to the association with Binance, there is a chance that the exchange will list the coin soon, which, otherwise, is a rigorous process.
Commenting on the fundraising event, a representative of Binance Labs stated: “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.”
A promising project
MobileCoin has a promising development team working on the project, which includes the founder of encrypted messaging app Signal Moxie Marlinspike as its technical advisor and Shane Glynn, a former product counsel at Google, who is now responsible to ensure MobileCoin’s compliance with crypto regulations.
The creators describe it as a “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 control of funds to a payment processing service”.
The project uses Stellar Consensus Protocol to record its transactions and is aiming to create an end-to-end encrypted messaging platform like WhatsApp and Signal - two apps which use Marlinspike-developed Signal protocol.
In MobileCoin whitepaper, which was published on December 2017, the team noted: “MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.”
Controversies?
However, the involvement of Marlinspike with MobileCoin was brought into question by Jackson Palmer, creator of DogeCoin and a prominent figure in the cryptosphere. Moreover, the project does not have a GitHub repository, which is odd for blockchain-based projects.
https://twitter.com/ummjackson/status/988868418399911936
Binance’s expansion
Binance is also trying to spread its reach worldwide and in different sectors. Recently, the crypto exchange partnered with Ugandan Blockchain organization Crypto Savannah to aid in the economic development of the east African country.
FAQs
On Tuesday, the team at MobileCoin announced that Binance Labs, the major blockchain incubator associated with the Binance exchange, led a $30 million round denominated in bitcoin and ether for the new cryptocurrency.
Does Binance support Mobilecoin? ›
Note: This coin is not listed on Binance for trade and service.
What is the valuation of Binance? ›
Binance Labs is a venture capital investor and an incubator for early-stage projects. The firm's portfolio encompasses approximately 250 projects, including Sky Mavis, Aptos Labs, and Polygon. Binance Labs has assets valued at over $10 billion.
What is earn in Binance Wallet? ›
Binance Earn is a simple and secure platform that helps you grow your crypto holdings easily. Among its suite of products and services, the Simple Earn and Dual Investment subscriptions allow you to receive rewards on your holdings.
How much does Binance make a year? ›
Binance generated $12 billion revenue in 2022, a 40% year-on-year decrease.
What is the future of MobileCoin? ›
- According to current predictions, MobileCoin is expected to rise by approximately 223.03% and reach around $0.185475 by April 27, 2024¹. - However, it's essential to note that the current sentiment is bearish, and the Fear & Greed Index indicates Extreme Greed at 79¹. 2. Long-Term (2025-2030):
What blockchain is MobileCoin on? ›
Technology overview
MobileCoin is a one dimensional cryptocurrency blockchain. Blocks use a consensus protocol originally developed for the Stellar payment network. Transactions are validated in SGX secure enclaves and are based on elliptic-curve cryptography.
Who is the richest person in Binance? ›
Still, Zhao will enter the history books as the richest person ever to do time in US federal lockup since his ownership of Binance — and an estimated $43 billion personal fortune tied to it — remain intact. His wealth is likely to grow even bigger as Binance's business accelerates amid crypto's latest bull run.
How rich is the owner of Binance? ›
According to a Bloomberg report, however, his personal fortune of $43 billion will remain intact even with the sentence, which is what makes his case so different from Bankman-Fried. In fact, Zhao's net worth is likely to grow even more while he is jailed, propelled by the ongoing crypto bull run.
How much Bitcoin owned by Binance? ›
Binance: Since Binance is the world's largest crypto exchange, it makes sense that the company's cold storage wallets have large amounts of BTC. Currently, the largest single BTC wallet with 252,597 BTC belongs to Binance.
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Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies.
Which country uses Binance most? ›
Here are the top 10 countries with the most Binance users. India Russian Federation Turkey United States Vietnam Pakistan Ukraine Kenya Nigeria Argentina These countries are home to a large number of crypto enthusiasts and investors, and they have been some of the earliest adopters of cryptocurrencies.
Who owns Binance? ›
“Changpeng Zhao made Binance, the company he founded and ran as CEO, into the largest cryptocurrency exchange in the world by targeting U.S. customers, but refused to comply with U.S. law,” said Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department's Criminal Division.
What exchanges are supported by MobileCoin? ›
Which is the best exchange to buy MobileCoin? Currently, the best NKN exchange to buy NKN is Binance, which saw $ 3.16M worth of NKN trading volume in the last 24 hours. However, you can also choose from other exchanges that list NKN, such as KuCoin, gate.io, Binance Futures, MEXC and Coinbase.
What tokens does Binance support? ›
List of Supported Assets
| Asset | Networks | Trading Pairs |
|---|
| Synthetix Network Token (SNX) | ERC20/BEP20 | SNX/USDT |
| Syscoin (SYS) | Syscoin | SYS/USDT |
| Tether (USDT) | ERC20/BEP20/TRC20/Solana/Polygon/AVAXC | USDT/USD |
| Ripple (XRP) | Ripple (memo required) | XRP/USDT |
153 more rowsApr 24, 2024
- Ethereum.
- Bitcoin.
- XRP.
- Cardano.
- Polkadot.
- Moonbeam.
- Solana.
- Terra Classic.
MobileCoin is a privacy-focused cryptocurrency designed to be used as digital cash on a phone. The MobileCoin protocol allows for easy key management and private near-instantaneous transactions.
