WhatsApp, which is part of the Meta (formerly Facebook) network has announced its venture into the cryptocurrency. This came in light of the recent move by Facebook to expand its reach and offerings through the metaverse.
Embarking through the beta phase
WhatsApp is launching a new feature where users will be able to send and receive cryptocurrency through the platform. This is provided by Novi, the digital wallet service by Meta which was launched recently. A limited number of people in the US will be able to use this new feature.
Easy and secure way to send money
With this offering, it will seek to expand Facebook’s venture into the metaverse for sure. This will make sending money to contacts in the WhatsApp platform much easier. With Novi onboard, users can do so faster and more securely. Since the launch, the features have been tested and ways to improve them have been determined. As such, it is extremely easy to send money through WhatsApp. In fact, it is similar to attaching media (like using the paper clip or + icon). ‘Payment’ is an additional option now.
From there, users can make instant payments to their contacts. At the moment, no fees are imposed by Novi and no limits on the frequency of transferring cash. Facebook had in 2019 announced its plans for Libra, a digital currency that will work with Calibra, Facebook’s own digital wallet. The idea was to allow people to transfer funds which will be cheaper compared to conventional services. Calibra has since become Novi that will use Pax Dollars while Libra is changed to Diem, which is currently in the approval stage.
For the US, WhatsApp is focusing on cryptocurrency although it has already been providing payment services with fiat currencies in certain countries like Brazil and India. Pax Dollars (USDP) is a stablecoin that is pegged to the US Dollar. It is issued by Paxos and is regulated by the New York State Department of Financial Services. Because of its stability, it is the preferred cryptocurrency used by Meta over the other more popular tokens like ETH or BTC.
