Mobile Coin Raises a Lot of Dough to Process Private Transactions

Mobile Coin has added a whopping $66 million to its financial reserves following its latest funding round.

Mobile Coin Gets a Lot of Cash in the Bank

Mobile Coin has stated that it is looking to instill privacy measures for all who would utilize it. Thus, the platform seeks to reject all advertising and instead relies on peer-to-peer networking for all payments, thereby allowing transactions to remain hidden while still occurring on the blockchain. The firm is open to users all over the world and says that it does not matter where an individual is located.

Company CEO Joshua Goldbard explained in an interview that all transactions occurring over cell phones through Mobile Coin take only a few seconds to complete. The company prides itself on its speed, something the crypto space is not always known for. He states:

People are really excited about what we’ve built because it’s really fast. It’s carbon negative, and it works on the cell phone. It’s just something that really doesn’t exist in crypto, and that allows us to deliver the best user experience that’s available. We had to do a lot of engineering from scratch. Mobile Coin went through four years of new engineering.

Bitcoin is widely considered to be amongst the slowest currencies out there. It makes sense in many ways considering that bitcoin is the father of crypto, and as the instigator of everything, it would have the oldest technology. BTC typically takes about ten full minutes to be recorded to the blockchain. This doesn’t sound too bad at first, though a transaction is typically not finalized until six blocks are recorded. Thus, it can take well over an hour for a bitcoin transaction to be complete, and most individuals don’t want to wait that long to get their money.

By contrast, currencies such as Ethereum – the world’s second largest digital currency by market cap and BTC’s primary competitor – need only about five to eight minutes for a transaction to be finalized. That’s a huge difference, though these coins and many others like them require several minutes for transactions to be labeled as sealed and done.

Mobile Coin says that it can get many of the necessary blocks implemented on-chain in just a matter of seconds, which means transactions are usually done in under a minute. Goldbard says that the only other companies offering similar speeds at press time are Stripe, Visa and Mastercard.

Keeping People’s Identities Safe

He says:

There are millions of transactions that have flown through the network at this point. We launched it in December. It’s launched in the United Kingdom on Signal, and there are other messenger services that are integrating it as well.

The company is based in San Francisco and seeks to anonymize the amount, sender and receiver of every transaction that’s processed. The company raised more than $11 million last March.

Tags: bitcoin, Ethereum, Mobile Coin