WhatsApp Integrates Cryptocurrency Payments in the US
In the United States, WhatsApp has collaborated with Novi to facilitate cryptocurrency-based money transactions.
Novi claims that their service is based on Paxos’ Pax Dollar (USDP) stablecoin. Unlike cryptocurrencies like Bitcoin and Ethereum, which vary in value, each USDP is equal to one US dollar. This makes it easy to send money using stablecoin.
Novi claims that in order to utilise this function, WhatsApp users will need to register accounts with the company, which makes sense, and that it plans to “bring Novi to as many places as possible.” However, neither corporation has given any indication of when the integration would be expanded to other nations.
If you’re unfamiliar with Novi, it was developed to act as the digital wallet for the Libra cryptocurrency that Facebook was creating. (Which has subsequently been renamed Diem but has yet to premiere 2.5 years after its announcement.)
In the United States and Guatemala, the wallet is currently being tested using USDP. Novi’s breakout moment has arrived, and it’s another example of how Meta, the company formerly known as Facebook, can leverage its popular services to support its newer efforts.
It’s worth noting that Novi specifies on its website that no-fee money transfers using USDP are available “now.” It’s likely that the firm will need to generate (real) money at some point; whether or not that means charging fees when the service is up and running is uncertain.
A request for comment from Meta was not immediately returned.
Novi’s website has further information regarding sending money with the digital wallet over WhatsApp. According to the release, it will be available to “a small number of people in the United States” at first, and it will work on both iOS and Android, according to WABetaInfo.