Binance Labs, the blockchain technology incubator, is supporting a new cryptocurrency – MobileCoin – by leading their 30 million Ethereum and Bitcoin-denominated fundraising round. Joshua Goldbard, technologist at MobileCoin, posted the announcement on April 24th.
Binance Labs stated that both companies had a common goal, “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 plans to provide private payments with almost instant transactions. The recovery keys will be short while the ledger will employ environmental-friendly methods. Its wallet will have the ability to be integrated into messaging apps such as WhatsApp to receive or send funds. MobileCoin nodes will use Stellar Consensus Protocol, which is known for low latency and flexible trust. The money raised by MobileCoin will be used to develop their system and expand their team. The project is still hiring engineers and is planning on creating a “simple system for trusted payments”.
Meanwhile, Binance founder Zhao Changpeng is facing a lawsuit filed by venture capital firm Sequoia. The latter was planning on investing in the cryptocurrency exchange, however, the situation took a turn when negotiations didn’t work out. Last week, Binance also burned 2 million of BNB tokens in its third round. The company will continue this tradition until only 100 million BNB tokens are left in circulation.
Overall, Binance had a successful run with a $150 million profit recorded in the third quarter. The exchange is also planning on developing its own blockchain,“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed.”