Jack Dorsey, a cryptocurrency entrepreneur, and former Twitter chief executive officer, encourages Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments, which could potentially contribute to the shift as part of the crypto strategy of the virtual platform away from altcoins.
Last Wednesday, April 9, Mr. Dorsey published an X post in which he stated that Signal should use Bitcoin for P2P payment transactions. It is worth noting that this statement was a kind of comment on the post of the Bitcoin developer Calle, who suggested that the specified digital currency would be a perfect fit for Signal’s private communication channel.
Jack Dorsey’s call was echoed by other industry leaders. For example, former PayPal president David Marcus stated that all non-transactional apps should connect to Bitcoin.
It is worth noting that in this case there is, in a certain sense, a symptomatic example. The corresponding wording implies that Jack Dorsey’s call and the agreement with it from other industry representatives reflects a large-scale desire to promote Bitcoin as a functional payment system, and not just digital gold or a pure store of value. According to Mr. Dorsey, more moderate plans regarding the practice of using virtual currency will not ensure the success of BTC.
Signal was founded in 2014. This is an open-source, encrypted messaging service for instant messaging, voice calls, and video calls. Currently, the platform offers users the opportunity to make in-app payments in MobileCoin (MTCN), a privacy-focused ERC-20 token, which is rebranded to Sentz in November 2023.
Sentz was founded in 2017 by Josh Goldbard and Shane Glyn and is backed by high-profile industry players like BlockTower Capital and Coinbase Ventures. In this case, the goal is to ensure a fast, private, and easy-to-use cryptocurrency.
In 2021, Signal faced criticism due to the integration of MobileCoin. The negative perception was formed based on several factors, including concerns about potential ties between the founder of the messaging service and MTCN, opacity around its issuance, and suspicious gains leading up to the partnership announcement.
Signal has not yet responded to a media request for comment on the potential for Bitcoin integration. The realization of the relevant intention would have benefits and advantages for the company. At the same time, it is not known how Signal treats this initiative in general.
It is worth noting that the messaging service is not the only participant in the practice of pushing altcoin payments instead of offering users transactions in Bitcoin, which is designed for P2P operations as its core use case, as described by its anonymous creator Satoshi Nakamoto.
David Marcus is currently a proponent of using BTC in all non-transactional apps. In the past, he led Meta’s project to develop the technology giant’s own payment cryptocurrency, originally known as Libra. This project ultimately failed.
There have also been rumors for a long period that X is planning to launch its own coin. In August 2023, Elon Musk, the owner of the mentioned virtual platform, denied this information.
As we have reported earlier, Research Shows Bitcoin-Related Startup Deals Surge.
