Best Cryptocurrency Exchange Fees

WhatsApp launches cryptocurrency payments pilot in the US

WhatsApp launches cryptocurrency payments pilot in the US
Written by publisher team

WhatsApp has launched a new beta version that allows a “limited number” of people in the US to send and receive money from within a chat using cryptocurrency. The feature is powered by Novi, the digital Meta wallet that launched as a pilot six weeks ago, with payments made using Pax Dollars (USDP), a US dollar-linked stablecoin issued by Paxos. The news was announced by Novi’s next president Stefan Kasriel And Will Cathcart on WhatsApp.

According to Novi’s website, sending payments is much like sending any other attachment in WhatsApp. You can access the feature via the paperclip icon on Android or the + icon on iOS, then select Payment from the menu that appears. Novi notes that there are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees for maintaining a balance in your Novi account or withdrawing it to your bank account. Payments are transferred instantly.

Pilot Novi was originally available in the US and Guatemala, but WABetaInfo It notes that users in Guatemala will not be able to access the new WhatsApp payments functionality. Instead, they will have to continue using the standalone Novi app. Payments do not affect end-to-end encryption, which is applied by default to all personal conversations. The beta version of WhatsApp Novi is available in both English and Spanish.

The new pilot has its roots in Facebook’s (now Meta) cryptocurrency plans that were officially announced in 2019. At that time, Facebook (as part of the Libra Association) planned to develop and launch a cryptocurrency called Libra, which would be linked to a basket of Low volatility assets rather than any specific currency. This will integrate with a Facebook-developed digital wallet called Calibra. The entire system is designed to offer a way to send money around the world with lower fees than traditional methods.

These plans have changed dramatically since then. The Libra became the Diem, the Libra Association lost many of its prominent members and became the Diem Association, becoming the Calibra Novi. Perhaps most important was the launch of Novi without the Diem cryptocurrency. Instead, Pax Dollars is the work of a separate company called Paxos, and Meta relies on crypto exchange Coinbase as its custody partner.

Then-Meta President of Novi David Marcus said that the company is too Still committed to my life When the launch of the Novi pilot was announced in October. “We plan to launch Novi with Diem as soon as it receives regulatory approval,” Marcus wrote in a tweet. David Marcus later said he would leave the company at the end of the year. He called the Novi pilot in WhatsApp”Best farewell gift from the best team ever!

While WhatsApp payment plans in the United States revolve around Novi and cryptocurrency, it already offers payments using traditional fiat currencies elsewhere in the world. This feature was rolled out widely in India last year, and it was also launched in Brazil.

About the author

publisher team