On 30th July, Mobi Wallet, a cryptocurrency wallet provider, announced that they would be adding Monero [XMR] as part of their currency lineup. The app recently added about 15 new cryptocurrencies as well.
The wallet service currently supports 20 cryptocurrencies, from big names such as Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC] to smaller altcoins such as Populous [PPT], WaltonChain [WTC], Loopring [LRC], Golem [GNT] and Basic Attention Token [BAT].
These are available for trading with 150 different fiat currencies such as US Dollar, Japanese Yen, the Euro, and Pound Sterling. Their official blog post regarding the addition of Monero stated:
“We’re extremely pleased to be following up the recent addition of 15 different cryptocurrencies to Mobi wallet, by adding one more, Monero (XMR). Monero was a clear favorite to be integrated to Mobi. Consistently one of the top liquid assets on coinmarketcap, our customers can now access, send and receive Monero alongside their other assets without ever leaving the app.”
Notably, the wallet does not charge any fees for Bitcoin deposits above 0.05 Bitcoin, with a fee of 0.000075 BTC per transaction for non-SegWit users and 0.000045 BTC for SegWit users.
While transactions between Mobi wallets are free of cost, on-chain transactions can change dynamically. Mobi boasts of having one of the “best rates on this planet”, sourcing price data from a “comprehensive base of commercial sources”.
Recently Monero has been receiving a lot of support for addition on wallets, as the latest update provided full support for Ledger wallet. The support for Ledger was established in Monero’s GUI version 0.12.3.0.
Monero is utilized in cryptocurrency circles due to its revolutionary features for privacy. Monero transactions do not reveal identifying information regarding the parties involved in the transactions. This is, in part, due to it’s RingCT or Ring Confidential Transactions.
As explained by Moneropedia, RingCT introduces an improved version of ring signatures called a “Multi-layered Linkable Spontaneous Anonymous Group signature”. This, in turn, allows for hidden amounts, origins and destinations of transactions reasonable efficiency along with verifiable, trustless coin generation.