Crypto Startup MobileCoin Raises $30M USD Led By Binance Labs

Announcements, Investing | April 25, 2018 By:

Crypto startup MobileCoin has raised $30 million in a fundraising round led by Binance Labs, a blockchain startup incubator associated with crypto exchange Binance.

MobileCoin is an effort 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, without giving up control of funds to a payment processing service. MobileCoin will utilize the Stellar Consensus Protocol and technical design will be centered around a target user experience for integrating cryptocurrency into mobile messaging apps like WhatsApp or Signal.

“MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet,” MobileCoin said in its whitepaper. “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 install or reinstall, and would receive updates from its MobileCoin node without having to maintain persistent network connectivity.”

Binance Labs said a mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. It added that the MobileCoin team and Binance Labs share a common vision and that they are proud to be a supporter of what the team is doing.

“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,” said Binance Labs.

MobileCoin also announced that it is recruiting a “core team” of engineers. Specifically, the startup is looking for those who have worked on large systems (greater than 10,000,000 daily active users) in a senior role who enjoy working on low-level code.