MobileCoin raises $66 million in Series B funding round

Mobilecoin, the cryptocurrency startup raises $66 million in a Series B funding round. Alameda Research, Berggruen Holdings, BlockTower Capital, Coinbase Ventures, Marc Benioff’s TIME Ventures, Vy Capital and earlier backers General Catalyst and Future Ventures are among the list of investors.

Basically, MobileCoin is focused on enabling privacy-protecting payments made through “near instantaneous transactions” over one’s phone.

“On the customer side, we think we can deliver the lowest total cost to merchants and individuals for moving money around the world,” CEO Joshua Goldbard said.

“When you use a bank, it can take 30 to 45 days to get your money as a merchant. If you use Stripe or Venmo, it’s 3-5 days before it hits your bank account. With MobileCoin, you have possession of the funds in a second.”

“We think it’s really important as crypto matures as an industry to make sure that we’re on the right side of compliance,” Goldbard said.

“We’re working with everyone to make sure that the right regulations get implemented. We think it’s important for crypto to evolve as an industry. And that happens hand in hand with the regulators.”