Crypto project MobileCoin, advised by Signal creator, raises $11.35 million in Series A
March 10, 2021, 7:55AM EST
1 min read
Crypto payments project MobileCoin, advised by Signal creator Moxie Marlinspike, has raised $11.35 million in Series A funding.
The round was backed by Future Ventures and General Catalyst, MobileCoin announced Tuesday, without disclosing an investment figure. TechCrunch reported the amount, citing a source familiar with MobileCoin.
Founded in 2018, MobileCoin is aimed at providing fast and easy payments to mobile. The project has designed a cryptocurrency called MobileCoin to be used as digital cash on a phone for "near-instantaneous transactions."
MobileCoin went live last December and is not available to use by U.S. residents, possibly because of the country's previous legal fights with similar projects, including Kik and Telegram. That said, MobileCoin is listed on crypto exchange FTX and could reportedly be available for use on the Signal messaging app.
“MobileCoin has quietly developed the holy grail of digital payments — cheap, fast, secure and totally private — all the while being optimized for the convenience of your phone," said Steve Jurvetson, managing director of Future Ventures.
The Series A brings MobileCoin's total funding to more than $41 million. The project has previously raised around $30 million via a simple agreement for future tokens (SAFT) sale in 2018.
Gemini Galactic, an affiliate of cryptocurrency exchange Gemini, received approval from the Financial Industry Regulatory Authority (FINRA) to operate a broker-dealer registered with the SEC and is now a FINRA member.