Crypto firm MobileCoin notches $66m to develop privacy-focused digital payments

Crypto-focused digital payment ecosystem MobileCoin has closed a $66m funding round as part of a wider effort to bring more of its products and services to the market. 

The Series B saw participation from several leading venture funds from within the blockchain and cryptocurrency industry, including Alameda Research, BlockTower Capital and Coinbase Ventures. Berggruen Holdings, General Catalyst, Vy Capital and Marc Benioff’s TIME Ventures also participated. Several entrepreneurs and investors such as Suzy Ryoo, Troy Carter & J. Erving, Rodney “Darkchild” Jerkins, Brent Faiyaz, Jayne Andrew & Ty Baisden, Tunde Balogun, Aglaé Ventures, DreamCrew, Matt Mullenweg, Jesse Robbins, James Lindenbaum, Gaingels, and 10X Capital also contributed to the funding round.

MobileCoin completed its Series A funding in March with $11.5m from Future Ventures and General Catalyst, and now has a total of $107m in backing.

The funding will be used to further develop its crypto offerings including MOBot, which is described as the “first cryptocurrency chatbot payment system.” The company also plans to expand its merchant services and introduce a new dollar-pegged stablecoin.

MobileCoin provides a payment technology platform that gives everyone the ability to transact digitally from nearly anywhere in the world. The company leverages encrypted blockchain, an opaque ledger, and cryptographically protected transactions. The development of the MobileCoin ecosystem is spearheaded by the MobileCoin Foundation. The MobileCoin cryptocurrency is not available for individuals in the US, though it is available on the exchanges FTX, Bitfinex, BigOne, and HotBit.

Best known as the project advised by Signal founder Moxie Marlinspike, MobileCoin’s MOB token is already integrated in beta with the private messaging app. Another integration, with China’s Mixin Messenger, has yielded over 1 million MobileCoin transactions

While many people view cryptocurrencies as an alternative asset class, the technology is considered to be a major catalyst for enabling seamless transactions on a global scale.

Companies that have long dominated the payment arena such as Mastercard and PayPal have already begun accepting cryptocurrency payments for their customers. During Mastercard’s second-quarter earnings call in August, CEO Michael Miebach said his company has to be in the cryptocurrency space “because people are looking for answers.”

Visa has also reaffirmed its commitment to building crypto payment onramps. The payment giant is bullish on stablecoins for their ability to transform global commerce.

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