Binance have been very much in the news lately with the introduction of ‘Convert to BNB‘ and the announcement of ‘Binance Chain‘, well they are now in the news again in association with a project known as MobileCoin. Binance Labs, which is a division of Binance which acts as an incubator for blockchain technology, Binance Labs focuses on ‘Pre-ICO’ projects and provide a number of different services including;

  • Funds
  • Advice
  • Resources
  • Launchpad
  • Listing
  • Ideas & Concepts

Binance Labs leads $30 million fundraising round for MobileCoin

MobileCoin is a new privacy-centric cryptocurrency project with some big names on board. Even more impressively just raised $30 million. On 24, April 2018, 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 upcoming project.

“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.” — Binance Labs

Another part of the relationship that will benefit the MobileCoin project is that they will enjoy a “priority consideration” for a listing on Binance.

What is MobileCoin?

MobileCoin is being designed to enable a fast, private, and simple cryptocurrency that can be deployed easily to users who do not want the responsibility of maintaining or storing their private keys securely and considerable time, all without giving up control of funds to payment processing services.

Mobile Coin will focus on being user friendly and easily integrated with other popular mobile applications so that users can securely and privately engage in p2p transactions anytime anywhere.

MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet. The messaging application would be able to securely recover the information it needs in order to construct and validate transactions from its MobileCoin node on in- stall or reinstall, and would receive updates from its MobileCoin node without having to maintain persistent network connectivity.

The MobileCoin whitepaper was submitted on 11, December 2017. The MobileCoin founder Joshua Goldbard has some very exciting names on board including: Moxie Marlinspike, the founder of end-to-end encryption messaging app Signal and Open Whisper Systems, Marlinspike was reported by Wired to have began working with MobileCoin as a technical advisor in August of 2017.