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MobileCoin Raises $107M Preparing for Growth and Global Adoption

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by Oluwapelumi Adejumo · 2 min read
MobileCoin Raises $107M Preparing for Growth and Global Adoption
Photo: Depositphotos

One of the world’s fastest-growing cryptocurrencies, MobileCoin has hit another major milestone by clinching a $66 million Series B deal in a bid to democratize privacy for everyone.

The announcement was communicated through the MobileCoin blog yesterday. Much of the Series B deal had lots of prominent figures in attendance – crypto firms, key investors, artists, entrepreneurs, and giant corporations.

Unlike having a centralized payment gateway, MobileCoin operates on a peer-to-peer payment network, thus staying out of Blockchain’s all-knowing radar. The names of the prospective investors were dropped on the website and it includes Alameda Research, Berggruen Holdings, BlockTower Capital, Coinbase Ventures, General Catalyst, Marc Benioff’s TIME Ventures, Vy Capital, 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.

MobileCoin promises to infuse the raised funds to further develop their products like the merchant services buildout, a stablecoin, and finding a way to reach more users via the mobile messaging apps. Experts had agreed on the platform’s unique payment gateways which they say stand out above every other gateway.

In response, company’s CEO, Joshua Goldbard, said:

“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. MobileCoin went through four years of brand-new engineering.”

What Stands MobileCoin Out?

MobileCoin plans to create an easily accessible way to make digital payments. They focus on the easy-to-use approach in building a technology that will be understood by everyone with minimum risk attached. With MobileCoin, mobility and convenience are both watchwords taken into cognizance.

The platform prioritizes privacy and security above anything else. Their transactions are cryptographically shielded. Data and information are keyed in via the opaque ledger and forward secrecy network. Lost wallets can also be easily gotten back as nothing is lost forever with Mobilecoin. All you need to do is to get a new phone and load your account onto it. The technology also requires zero energy to run. This makes it environmental-friendly.

MobileCoin and arts also go a long way as it embodies culture. The MobileCoin Radio and Art Residency exemplify this truth.

More crypto-related news can be found here.

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