MobileCoin receives $30m in funding led by Binance

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fintech insurtech wealthtech regtech ai cybertech esg news

MobileCoin, a cryptocurrency designed to support private payments, has received $30m in funding denominated in Ethereum and Bitcoin.

The round, which was led by Binance Labs, will be used to build its team and its processes.

MobileCoin is a cryptocurrency which has been created to be used ‘by everyone’ and provides a secure and private payment system. Transactions can be completed instantly, with all tokens locked behind 4-6-digit PINs. Its ledger is opaque, and all transactions are protected on the network to ensure safety.

Binance is a cryptocurrency exchange which supports the trade of a selection of different digital tokens including Bitcoin, Ethereum and Litecoin. The company recently raised its own funding, picking up an undisclosed amount late last year from investors including Blackhole Capital, and Funcity Capital.

In a statement Binance Labs said, “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.”

MobileCoin is currently looking to hire more members to its core team of engineers.

Earlier in the week, fellow cryptocurrency company Templum closed a funding round on $10m from SBI Holdings. The company is creating a regulatory compliant marketplace for the primary issuance and secondary trading of digital assets.

North America led the way for the cryptocurrency market last year, receiving a total of $535m, according to data by FinTech Global. The region secured 63 per cent of the $852m which was invested in the year, the next biggest are was Europe with a 31 per cent share.

Copyright © 2018 FinTech Global

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