Mobilecoin (MOB), a fairly unknown token has risen from $7 to a new ATH of $68 right after Signal encrypted chat services announced they would begin mobile payment services using $MOB on April 4. The signal gained a lot of traction in the past couple of months owing to their privacy features and a shout-out from Elon Musk.
The Whatsapp rival had their servers working overtime has millions flocked to the platform amid growing privacy concerns with Whatsapp and now the in-app payment service is only going to make it a bigger competitor to Whatsapp who have already launched Whatapp Pay services in many countries around the world.
Would Signal Face Telegram Like Scrutiny in the US?
The soaring price of $MOB coin post Signal integration might see the encrypted chat developers work in developing the coin further. However, developing a digital token comes with many regulatory woes in the US especially for chat apps launching their in-app payment token.
The prime example is Telegram which made headlines with the biggest ICO funding of $1.7 billion and went onto develop the GRAM token for the Telegram ecosystem, however, the project was never allowed to launch as it failed to register with the SEC and sell and distribution of any security is prohibited without getting approval of the regulatory bodies.
Another prominent case is that of Ripple Labs and the sale of XRP where the SEC claims that XRP is a security and thus its distribution and sale in the US is not permitted without the authorization. The case is currently playing out in the court and its outcome could determine a lot of regulatory policies concerning digital assets in the US.