Today the company has announced that they have concluded a fundraising round led by Binance Labs for $30,000,000 in Ethereum and Bitcoin. The company will use this capital to build out its team and processes as they roll out the product.
“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.” — Binance Labs
Looking at Mobilecoin's whitepaper, the company says;
"Most attempts at building a compelling crypto-currency user experience unfortunately resort to trusting a third party service to manage keys and validate transactions. This largely sacrifices the primary benefits offered by crypto-currency to begin with.
"MobileCoin is an effort to develop a fast, private, and easy-to-use cryptocurrency that can be deployed in resource constrained environments to users who aren’t equipped to reliably maintain secret keys over a long period of time, all without giving up control of funds to a payment processing service."
According to TechCrunch, the new cryptocurrency could “enjoy ‘priority consideration’ for being listed on Binance "as part of the relationship.”
According to the company's medium post, MobileCoin will be recruiting stafff to join its core team of engineers, specifically, software engineers who have worked on large systems.