Cryptocurrency Exchange Binance Has Led a $30 million Fundraising Round For MobileCoin
Cryptocurrency exchange giant Binance has led a $30 million fundraising round for MobileCoin, a new privacy-centered cryptocurrency adding that Binance had made its investment in the project through Binance Labs, its blockchain incubator.
According to a medium post, MobileCoin announced the conclusion of the funding round on Tuesday. The blog post stated that the Blockchain technology incubator associated with the Binance cryptocurrency exchange is conducting a $ 30 million dollar investment in Bitcoin (BTC) and Ethereum (ETH).
Apparently, investing in other industry projects, Binance seems to trace a similar path to Coinbase, which recently launched its first venture fund. However, Coinbase has said it will not invest in cryptoassets, as this will present the firm in a conflict of interest and could raise regulatory issues.
According to a report, MobileCoin will use Stella Consensus protocol to ensure scalability and speed of execution and integration in mobile messaging applications:
“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.”
MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.
Once MobileCoin publishes the open source code for the project, Marlinspike’s true level of involvement in project development should be clearer.
Recently, Binance partnered with African innovation hub to create employment opportunities in Uganda. The agreement is aimed at supporting economic transformation and youth employment in Uganda, using mainly blockchain technology and encouraging the “embrace of the fourth industrial revolution”.
MobileCoin also announced that it is recruiting a “core team” of engineers:
“Specifically, we are 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. Direct memory access is a critical part of our problem set.”
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