Moby (feat. PrivatePay™), an app powered by MobileCoin, a Series-B startup based in San Francisco, announced its public launch today, allowing customers around the world to take advantage of a simpler way to self-custody funds and pay privately. Customers on the waitlist can now use Moby to pay just about anyone they can text.
Many wallets on the market today intend to address issues with traditional payment systems, but suffer from usability issues leading to frustration and skepticism around what a blockchain-based payment system can deliver. Self-custody requires that someone memorize or securely store their 24-word recovery phrase. Failure to do this correctly puts customers at risk of losing their funds altogether.
Sending a payment has also proven cumbersome with existing wallets. Typing in complex wallet addresses as payment destinations, triple checking that the wallet address is correct, and waiting up to 10 minutes for a transaction to complete doesn’t deliver the instant payment experience needed to power commerce or fuel a global, peer-to-peer payment experience . Privacy also suffers as transactions published on a global ledger reveal a customer’s entire transaction history and balance. Attempting to buy a latte at a coffee shop means that the latte would be ready before a payment goes through and exposes a person’s location and purchase history in real-time.
Moby closes these gaps by delivering a world-class experience that combines an easier way to self-custody funds and pay without exposing customers to the complexities of the blockchain. Customers can back up their wallet with a short PIN using Secure Value Recovery (SVR) without having to store their keys on a third-party system. Instead, their PIN is used to generate a series of encrypted keys that allow our customers to privately recover their wallets without exposing their private keys to our systems.
Customers enter contact names, instead of wallet addresses, using PrivatePay™. PrivatePay™ protects customer data so that only the sender and receiver have knowledge that the payment occurred. This is made possible by a set of innovations that work together behind the scenes to allow customers to transact with peers without ever exposing their data to MobileCoin’s systems.
Bob Lee, MobileCoin’s Chief Product Officer said, “so many wallets in the market ask customers to adopt machine-like behavior if they want to pay someone privately. We challenged ourselves to rebuild payments from the ground up so that people don’t have to go through a steep learning curve to protect their data. Using breakthroughs in zero-knowledge encryption to set a new standard for privacy, Moby protects customers from criminals and predatory corporations alike with a best-in-class customer experience free of compromise.”
In a few taps, customers can create and fund their wallet in Moby. Sending a payment is as easy as entering an amount, adding a contact, and confirming the payment. Moby supports payments in $MOB, MobileCoin’s native cryptocurrency. Additional currencies, like eUSD, our privacy-focused stablecoin, will also be available soon to customers globally.
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