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Signal messaging app, which provides end-to-end encryption, has begun to accept cryptocurrency donations to promote the platform’s ventures. Signal Technology Foundation, a nonprofit organization behind the secure messaging app, manages Signal. Moreover, cryptocurrency donations are now a component of Signal’s “Donate” section. Signal further advocated that the crypto donations will go via the Giving Block, a donations platform for charities, universities, and nonprofits.
Signal accepts twelve cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Basic Attention Token (BAT), Gemini Dollar (GUSD) stablecoin, and Zcash (ZEC). As per Signal, if users based in the U.S. desire to receive a tax deduction for their cryptocurrency donation, they have the alternative to offer an email address to obtain a tax receipt. Moreover, users can also prefer to donate anonymously.
Signal witnessed increase in demand after June 2020
Signal is a cross-platform messaging service platform. Additionally, the Signal Technology Foundation was launched in February 2018 by WhatsApp co-founder Brian Acton. He left WhatsApp and Facebook to develop Signal in 2017. The messaging service, famous for its privacy features witnessed a massive surge of downloads. Thus, attaining popularity in Hong Kong after the new national security law on June 30, 2020. The app also saw an increase in downloads in January after WhatsApp revised its policy, causing privacy concerns.
Furthermore, in January 2021, Signal was keen to involve crypto payment options on its platform. As per the report, the platform trialed MobileCoin, privacy-centric crypto created by the Stellar blockchain. Meantime, current reports assert that China reportedly barred Signal, with users in the nation only accessing the app via a VPN. Before the action, Signal was amongst the few foreign platforms that China did not ban. Besides Signal, other messaging apps have also adopted cryptocurrency on their platforms. One of them is the foremost Japanese instant messaging app LINE, which introduced a crypto wallet for its users following in 2020, enabling users to manage cryptocurrencies.