Privacy-focused messaging app Signal is reportedly devoting resources toward the development of a cryptocurrency payments service for its users.

According to a report by Casey Newton, the founder of the technology newsletter service Platformer, Signal is mulling crypto payments integration in the app.

The report claims that Signal reportedly ran pilot tests for such a token on the Binance-backed, Stellar-based privacy cryptocurrency platform MobileCoin. Moxie Marlinspike, CEO of Signal, serves equally an adviser on the MobileCoin projection, heightening speculation that the exam could be a trial run for subsequent deployment in the messaging app.

The Platformer report as well notes that Marlinspike has downplayed these speculations, describing the tests as "design explorations" and adding, "If nosotros did determine nosotros wanted to put payments into Bespeak, we would try to think actually carefully almost how we did that. It's difficult to be totally hypothetical."

However, co-ordinate to Newton, old Indicate employees said the company is actively pursuing the necessary protocols for integrating MobileCoin on the messaging platform. Before in Jan, MobileCoin attempted to analyze its relationship with Signal:

If the reports turn out to be truthful, Signal would go the latest messaging service to enter the crypto and digital payments arena.

Facebook has made multiple amendments to its planned Diem project subsequently intense regulatory backlash.

Indeed, the integration of a privacy money on the Point platform could put the company in danger of serious regulatory scrutiny. According to Fiscal News, fiscal services firms are already worried nigh the emerging regulatory blind spot occasioned by the migration of traders from WhatsApp to Signal.

The privacy-focused messaging service has already seen its user base bound over 100% post-obit contempo policy changes by WhatsApp. There are, however, concerns that the improver of anonymous payments and other rumored features could see the platform becoming a domicile for illegal activities.

Signal did not immediately respond to Cointelegraph's request for annotate.