MobileCoin, a US-based cryptocurrency payment system developer backed by cryptocurrency exchange Binance, has raised $75m at a $1bn valuation, The Information has reported.
The round included venture capital firms General Catalyst and Future Ventures, according to two people familiar with the matter.
Founded in 2017, Mobilecoin has developed a cryptocurrency-based payment system that facilitates secure, instant payment transaction on mobile devices.
Encrypted messaging app Signal recently introduced a payment feature to its platform that uses MobileCoin, and Signal founder Moxie Marlinspike has been an adviser for the company since 2018.
The round increased the total raised by MobileCoin to almost $125m, according to The Information, a figure including $11.4m from Future Ventures and General Catalyst in March 2021.
Binance’s corporate venture capital and incubation arm, Binance Labs, led a $30m funding round for the company in 2018 denominated in cryptocurrencies Bitcoin and Ether. Its other existing investors include Kindred Ventures, Multicoin Capital, Electric Capital and Genblock Capital.