Key Takeaways
Meta is piloting instant crypto payments on WhatsApp using its Novi digital assets wallet.
Starting today, a limited number of users in the U.S. will be able to make payments inside WhatsApp using Paxos Dollar stablecoins.
The payments will be free and instant, and won’t affect the messaging application’s end-to-end encryption.
Share this article
Starting today, a limited number of WhatApp users in the U.S. will be able to send and receive crypto within the messaging application using Meta’s Novi crypto wallet.
Meta Pilots Novi WhatsApp Launch
Novi’s head of product, Stephane Kasriel, announced today that Meta, formerly known as Facebook, is piloting free and instant stablecoin payments inside WhatsApp.
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. 💸💬 pic.twitter.com/dGz3lejri7
— Stephane Kasriel (@skasriel) December 8, 2021
Meta launched its digital assets wallet Novi in the U.S. and Guatemala six weeks ago. It is processing payments using Pax Dollars, a Paxos-issued stablecoin pegged to the U.S. dollar.
According to Kasriel, the Novi wallet will let U.S. users make USDP payments inside WhatsApp and do so securely, instantly, and with no fees. “The payments will appear directly in people’s chat,” he said, adding that the payments will not affect WhatsApp’s end-to-end encryption.
Meta had initially planned to launch its own digital currency called Libra, a stablecoin pegged to a basked of low-volatility assets instead of a single currency. It was later renamed to Diem, but Meta ultimately abandoned the plans to issue its own money after receiving unwanted attention from U.S. regulators. As a result, it partnered with stablecoin provider Paxos and launched the Novi digital wallet without the Diem currency.
Stablecoins too have been facing increased scrutiny from U.S. regulators this year. Several agencies, financial institutions, and politicians have voiced concerns regarding cryptocurrencies’ potential to undermine the U.S. dollar’s position as a global reserve currency. Last month, 2016 presidential candidate Hillary Clinton warned that China and Russia could intervene in crypto to destabilize the dollar.
On Wednesday, executives representing several high-profile crypto companies, including stablecoin issuers Circle and Paxos, attended a congressional hearing. The hearing focused on stablecoins, with the industry’s representatives arguing that cryptocurrencies, and specifically stablecoins, were a net benefit for the U.S. economy and the dollar.
Meta’s messaging application WhatsApp has two billion monthly active users. If the company were to roll out its instant crypto payments feature to an unlimited number of users globally, it could potentially be one of the most significant events for crypto adoption to date.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Hillary Clinton Is Worried About Crypto, Apparently
Former presidential candidate Hillary Clinton has reiterated her fears concerning crypto’s potential to destabilize countries and undermine the role of the U.S. dollar as a reserve currency. Hillary Clinton Calls…
Facebook Changes Company Name to Meta, Plans NFT Support
Mark Zuckerberg has announced that Facebook will change its company name to Meta, though the company’s signature social media platform will retain the name Facebook. The company’s shares are set…
Investing Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
David Marcus Leaves Meta, Facebook, and Novi
David Marcus, head of Facebook’s financial efforts, has announced that he will leave Facebook parent company Meta. Marcus Leaves Meta “Personal news,” Marcus posted to Twitter on Tuesday. “After a…
Facebook Reverses Crypto Ad Ban
Meta, the parent company of Facebook, Instagram, and Whatsapp, has relaxed its rules for cryptocurrency advertising, allowing crypto exchanges, wallets, and other crypto companies to advertise across all its platforms….
Be the first to comment