Crypto payments project MobileCoin raises $66 million in Series B funding

MobileCoin, a crypto payments project, announced Wednesday that it raised $66 million in its Series B funding round. 

Participants in MobileCoin’s most recent round include Alameda Research, Los Angeles-based investment firm Berggruen Holdings, BlockTower Capital, Coinbase Ventures, General Catalyst, Time Ventures, and Vy Capital, according to a release.

MobileCoin intends to use the Series B funding to build out a crypto chatbot service called MOBot, merchant services support, and a stablecoin pegged to the U.S. dollar. 

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MobileCoin completed its Series A funding in March with $11.5 million from Future Ventures and General Catalyst, and now has a total of $107 million in backing. 

MobileCoin is a cryptocurrency project that strives to give users quick and private crypto transactions. The MobileCoin cryptocurrency is not available for individuals in the United States, though it is available on the exchanges FTX, Bitfinex, BigOne, and HotBit. 

Moxie Marlinspike, the creator of the encrypted messaging app Signal, technically managed MobileCoin early on in the project's development. 

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.