The announcement could significantly change the platform's cryptocurrency strategy, which is currently focused on altcoins.
"Signal should use bitcoin for P2P payments," Dorsey wrote in a post on Platform X on April 9, responding to a bitcoin developer under the pseudonym Calle. The latter suggested that bitcoin would be ideal for Signal's private communication channel.
Dorsey's call was echoed by other industry leaders. Former PayPal president David Marcus said that "all applications should be connected to bitcoin".
These statements reflect a growing desire to promote bitcoin as a functional payment system, not just "digital gold" or a way to save. According to Dorsey, the savings feature alone is not enough to ensure bitcoin's long-term success.
Signal and its current payment solutions
Founded in 2014, Signal is an open source secure messenger with messaging, voice and video calling capabilities. The platform offers embedded payments using MobileCoin (MTCN), a privacy-oriented ERC-20 token that was renamed Sentz in November 2023.
Backed by prominent industry players such as BlockTower Capital and Coinbase Ventures, the Sentz project was founded in 2017 by Josh Goldbard and Shane Glynn. The main mission of the project is to create a "fast, private, and easy-to-use cryptocurrency."
The integration of MobileCoin into Signal in 2021 sparked a wave of criticism. Many expressed concerns about the potential ties between Signal's founder and the MTCN team, the lack of transparency in token issuance, and the suspicious rate hike before the partnership was announced.
Despite the criticism, Signal continues to support MobileCoin (now Sentz) as the only option for embedded payments, according to the messenger's official website.
The integration of bitcoin into Signal could be a significant step towards mass adoption of the first cryptocurrency and strengthening its position as a universal means of payment.
