Binance Labs Leads $30 Mln Fundraising Round For New Privacy-Centered Cryptocurrency

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MobileCoin, a new privacy-centered cryptocurrency, announced that Binance Labs will lead a $30 mln round of fundraising for the project, according to a Medium post April 24.

The blog post stated that the Blockchain technology incubator associated with the Binance cryptocurrency exchange is leading a $30 mln round of investment denominated in Bitcoin (BTC) and Ethereum (ETH). According to TechCrunch, the new cryptocurrency could “enjoy ‘priority consideration’ for being listed on Binance as part of the relationship.”

In addition to working with Binance Labs, MobileCoin has on-boarded talent like Moxie Marlinspike, founder of encrypted messaging app Signal, as a technical advisor. Shane Glynn, who has served as product counsel at Google since 2010, work as legal counsel, ensuring MobileCoin is compliant with crypto regulations.

In the MobileCoin whitepaper published in December 2017, the project’s creators described their intention to develop 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.”

MobileCoin will reportedly use the Stellar Consensus Protocol in order to synchronize to the coin’s network and assure scalability and speed, while the end product will be integrated into mobile messaging apps:

“MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.”

Binance Labs commented on the funding:

“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.”

Recently, Binance partnered with Ugandan Blockchain organization Crypto Savannah. The collaboration intends to support economic development of the East African country by generating employment and attracting investment to the country.

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