Binance Spent 30 Million to Develop MobileCoin

The Binance exchange is financing the release of the MobileCoin coin, one of the developers of which is officially Moxie Marlinspike.

The MobileCoin cryptocurrency, according to its developers, will provide clients with a high level of confidentiality. It will be supported by WhatsApp and Signal, each of which is based on peer-to-peer encryption technology developed by Marlinspike.

“MobileCoin, an easy-to-use cryptocurrency for mobile devices, will play an important role in public acceptance of cryptocurrency,” said Binance Labs, through which the Binance exchange invested in the project, in a statement.

Other exchanges are also investing in projects in other industries, such as the recent exchange Coinbase launched its first venture capital fund. However, Coinbase has stated that it will not invest in the cryptocurrency as it would create a conflict of interest and could cause regulatory problems.

Indeed, the fact that Binance is about to give MobileCoin priority listing, thereby improving the price forecast for the new coin, may raise questions from regulators if the coin is considered a security.

Notably, rumors have circulated in industry circles that Marlinspike is less involved in the project than it should be.

“Believe it or not, it appears that Moxie is not developing the coin. Not having a Github repo/any open source is not like her,” tweeted Dogecoin creator Jackson Palmer. 

According to Palmer, MobileCoin does not have an open source storage, however, this is still just a rumor. Whether Marlinspike took part in the development of MobileCoin will be clear when the open source code of the project is made public.