MobileCoin, the company behind Signal’s crypto payments function, which enables encrypted money transfer service, has appointed a new CEO.
As the new CEO of MobileCoin, Sara Drakeley will be in charge. Henry Holtzman, the former chief innovation officer of MIT Media Lab, will take over her prior position as the company’s chief technology officer.
In an interview with TechCrunch, Drakeley mentioned Bob Lee’s crucial contribution to the creation of MobileCoin.
Prior to joining MobileCoin as chief product officer, Lee was the CTO of Square and the creator of the Cash App.
He did so because he saw the potential for cryptocurrencies to enable peer-to-peer transactions on a worldwide scale. Lee was fatally stabbed in April.
“Cash App is only in the U.S. and what we’re building is global,” said Drakeley. “The other thing [Lee] recognized is that with the traditional financial system, it’s so complicated. He would say: ‘You know, you think blockchain is complicated. Look at the traditional financial system. There are all of these middlemen. You think things are settling instantly, but actually, it’s just queuing up and these big machines will ultimately settle at night.”
With over $100 million in funding from investors like as Binance Labs, MobileCoin intends to eventually monetize through transaction fees and value-added services like loans.
