Within WhatsApp, Meta has launched a new trial program that allows users to send and receive money in cryptocurrencies. The feature is enabled by the company’s cryptocurrency-based digital wallet Novi, which was only six weeks ago introduced as a trial. It will be available to a “limited number of users in the United States,” according to Stephane Kasriel, the CEO of Novi.
“We frequently hear that individuals use WhatsApp to coordinate sending money to loved ones, and Novi makes this possible in a secure, instantaneous, and fee-free manner.” In a tweet, Kasriel stated, “Payments will display straight in people’s chat.” “Using Novi has no effect on the privacy of WhatsApp personal messages or calls, which are always end-to-end encrypted,” he continued.
How does this feature work?
According to Novi’s website, the cryptocurrency-based payment option works similarly to existing WhatsApp payment alternatives. To transfer and receive money, WhatsApp users can either utilize their existing Novi wallets or register new accounts. To send money via Novi wallet, users must first enter the chat window of the person to whom they wish to send money, then select the Payment option from the menu after the paperclip icon on Android or the plus icon on iOS. WhatsApp users will be asked to enter into their existing Novi accounts or establish a new account on the next screen, after which they will be able to seamlessly transfer money to their acquaintances.
Novi is based on Facebook‘s cryptocurrency aspirations, which were first revealed in 2019. Facebook (now Meta) had planned to launch its own cryptocurrency, Libra, at the time. Libra would be secured by low-volatility assets rather than a specific currency, according to the company’s plans at the time, making it universally acceptable and significantly easier to use due to reduced fees than traditional means. Libra would be stored in a digital wallet named Calibra, according to the proposals at the time.
Since then, a lot has changed. Diem has replaced Calibra, and Novi has replaced Libra. Novi uses the Pax Dollar (USDP) stablecoin, which is backed by the US dollar. One USDP is equal to one US dollar on Novi. As a result, when using Novi to pay or receive money, WhatsApp users will not be purchasing bitcoin. Instead, the new feature will make use of stablecoins to help with the transaction.
However, for the time being, transacting on Novi via WhatsApp has limited utility. Kasriel, on the other hand, claims that the company will expand the service after receiving customer input.
Apart from this, you can read more Entertainment and Tech articles here: Metaverse, Audio Renderer Error, WOW51900319, Discord Spoiler Tags, Discord RTC connecting, Apex Legends Wallpaper, Twitter Followers, Discord no route, GC Invoker Utility, Galaxy watch 4, How to save GIF from Twitter, Masteranime, Yesbackpage, how to change Kik username, Discord Commands, How to mute Discord on OBS, How to connect Discord to Spotify, Family Man season 2, Happy Season 3, Netflix download limit, how to share Netflix account, MP3Clan, F95Zone, Wasted on Lol, WOW Item Restoration, Fallout 4 Anti Crash, how to delete PayPal account.