Digital asset Mobile Coin is probably nowhere near as well-known or as popular as bitcoin, Ethereum, Litecoin or any other virtual currencies in the top ten. In fact, it could be argued that some have not even heard of the asset, and yet somehow, the company has managed to get its hands on nearly $12 million through two recent funding rounds.
Mobile Coin Grows Following Two Funding Rounds
Future Ventures and General Catalyst were tasked with hosting the rounds, which ultimately garnered roughly $11.35 million for Mobile Coin. Right now, it looks like the asset is trying heavily to be used on the Signal platform. According to its website, the company appears to be focused on privacy matters, such as transactions that occur through one’s phone or mobile device. Should you lose the device that holds your wallet, Mobile Coin seeks to help you recover the wallet in question so that you can continue to access your funds.
The enterprise first came about in the year 2017. The idea is that if it can somehow make its way onto Signal, the number of customers it can reach would be huge. At the time of writing, it is estimated that as many as 40 million individuals utilize Signal in some way. As an encrypted messaging app, the platform is typically downloaded about 50,000 times per day.
However, during the early weeks of January, data from Sensor Tower – which analyzes mobile app information – suggests that it was downloaded a whopping 17.8 million times. Clearly, many people are looking to keep their conversations private.
The idea of helping people to recover their wallets is huge. This is a major problem that has been with the crypto industry since its earliest days, and it’s an issue that continues to plague users. For the most part, much of the world’s lost crypto stems from missing or forgotten passwords, and many of the devices that hold these crypto assets do not offer password recovery services as they are hardware products meant to cut off all outside access beyond a certain point.
Lost Passwords Usually Means Lost Crypto
It is estimated – according to a new report – that as much as $140 billion of the world’s bitcoin cannot be accessed thanks to missing or lost password information. One of the biggest stories to come out of this department in recent weeks involved a German man named Stefan Thomas who had lost access to his Iron Key wallet.
The Iron Key is notorious in that it only gives a person ten access attempts. Once the tenth time fails, the device encrypts forever, thereby locking itself up and disallowing anyone from digging their fingers into its contents. Thomas said that he had tried eight out of the ten times, but still could not remember the password he had set.