WhatsApp has launched the limited pilot of cryptocurrency payment function on its platform. This will allow a small number of users in the US to send and receive money through Novi, the digital wallet launched by Meta Platforms (Nasdaq: FB) in October 2021.
The beta testing is so far limited to sending and receiving Pax Dollars, a stablecoin tied to the US dollar, issued by Paxos.
In an announcement over Twitter, incoming Head of Novi Stephane Kasriel said this move will able to make “sending money to family and friends as easy as sending a message.”
According to the digital wallet’s website, sending and receiving crypto through the messaging app currently has no transaction fees, limits on frequency, no maintaining balance, and no fees charged on transferring your money to your bank account.
Kasriel also reiterated that using Novi “doesn’t change the privacy of WhatsApp personal messages and calls.”
This latest development comes over two years after Meta first announced its foray into cryptocurrency, launching its pioneer crypto asset Libra.
Information for this briefing was found via The Verge and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
