Meta owned WhatsApp to allow crypto payments through Novi wallet in U.S.
- Meta is experimenting with crypto payments for a limited number of users in the US via Novi digital wallet
- Novi is Meta's own digital wallet, which launched in October this year in the USt and Guatemala
- The new crypto payments will have no effect on WhatsApp's end-to-end encryption
WhatsApp, owned by Meta, is testing cryptocurrency payments for a limited percentage of users in the United States using the company’s Novi digital wallet. According to The Verge, the functionality is only being handed out to a limited number of users, and the statement was verified by WhatsApp CEO Will Cathcart.
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Novi is Meta’s own digital wallet, which launched in October this year in the United States and Guatemala, though the WhatsApp crypto payment function is only available in the United States. It will let users send and receive money “instantly, securely, and without fees,” and it will rely on the Paxos stablecoin.
Novi CEO Stephane Kasriel announced the news on Twitter, stating that the new function will allow customers to effortlessly send money to friends and family.
“There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message,” Stephane Kasriel wrote in a tweet.
Users may select payment from the menu by tapping on the paper clip icon in Android or the Plus symbol in iOS, much as they do with WhatsApp payments in India. Payments made using the Novi wallet are quick and free. It is important to note that Novi does not accept other cryptocurrencies such as Bitcoin or Ether. It is solely reliant on Paxos’ stablecoins, the value of which is linked to the value of the US dollar. As a result, one USD equals one Paxos.
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The new crypto payments will have no effect on WhatsApp’s end-to-end encryption. According to sources, the pilot is available in both English and Spanish.
In 2019, Facebook revealed plans for its own cryptocurrency, Libra. However, central banks and authorities throughout the world were not thrilled with the notion, and there were fears about Facebook attempting to obtain greater influence. Furthermore, several of Libra’s first partners quickly pulled out.
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Libra was subsequently renamed Diem, and a Diem Association was established. The Novi wallet is intended to be a replacement for the original Libra wallet, and it will support future Diem currencies as they become available. The wallet at present accepts Paxos dollars and enables quick and easy payments with no hidden fees.
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