{"id":4552,"date":"2021-12-11T14:00:00","date_gmt":"2021-12-11T10:00:00","guid":{"rendered":"https:\/\/cryptoinsight.ae\/?p=4552"},"modified":"2021-12-11T14:00:00","modified_gmt":"2021-12-11T10:00:00","slug":"meta-to-trial-crypto-transfers-in-whatsapp","status":"publish","type":"post","link":"https:\/\/cryptoinsight.ae\/ar\/meta-to-trial-crypto-transfers-in-whatsapp\/","title":{"rendered":"Meta to trial crypto transfers in WhatsApp"},"content":{"rendered":"\n

Meta (ex-Facebook) is launching a limited trial of its Novi digital wallet within its WhatsApp messaging platform, the social media giant said on December 8. A select number of users will now be able to send Pax Dollar stablecoins via WhatsApp. The move comes two months after Novi\u2019s first pilot launched.<\/strong><\/strong><\/p>\n\n\n\n

Meta\u2019s Novi has revealed a pilot program where a select group has been testing the features and services of WhatsApp payment. The rollout of crypto payments on a messaging platform is a breakthrough, as millions of users avail WhatsApp\u2019s encrypted messaging service.<\/p>\n\n\n\n

Novi lead Stephane Kasriel announced<\/a> the move on Twitter, revealing that some number of individuals will be able to transact with the USDP (formerly Paxos Standard) stablecoin. This follows a U.S.-Guatemala remittance pilot with USDP and the Novi wallet launched in October.<\/p>\n\n\n\n

\u201cWhen you add money to your Novi account, we convert it to USDP (Pax Dollar), a stable digital currency issued by Paxos Trust Company, a regulated financial institution. USDP is designed to have a stable value relative to the US dollar,\u201d Novi said in a blog post<\/a> announcing the WhatsApp integration. \u201cSo on Novi, 1 USDP is equal to 1 US dollar.\u201d<\/p>\n\n\n\n

Despite roadblocks in the launch of Meta\u2019s digital currency (Diem<\/a>), the giant had a breakthrough with the rollout of crypto payments on WhatsApp.<\/p>\n\n\n\n

The new features would not interfere with the messaging platform\u2019s privacy features. Kasriel believes that the messaging app will always remain \u201cend-to-end encrypted.\u201d<\/p>\n\n\n\n

Will Cathcart, head of WhatsApp, said, \u201cPeople use WA to coordinate sending money to loved ones, and now Novi will help them do that securely, instantly, and with no fees.\u201d<\/p>\n\n\n\n

Open Markets Institute, a team of researchers, lawyers, economists, journalists, and advocates from Washington DC, expressed concerns about Meta\u2019s project:<\/p>\n\n\n\n

\u201cThere are several legal and regulatory implications for Facebook\u2019s pilot that warrant particular attention by the agencies.\u201d<\/p>\n\n\n\n

The social media giant formerly known as Facebook has faced an immense regulatory backlash<\/a> for its digital currency plans, rebranding and downscaling its original stablecoin vision from Libra to Diem. It also rebranded its digital wallet subsidiary from Calibra to Novi.<\/p>\n\n\n\n

Recently, Novi chief David Marcus announced<\/a> that he would be leaving Meta at the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Meta (ex-Facebook) is launching a limited trial of its Novi digital wallet within its WhatsApp messaging platform, the social media giant said on December 8. A select number of users will now be able to send Pax Dollar stablecoins via WhatsApp. The move comes two months after Novi\u2019s first pilot launched. Meta\u2019s Novi has revealed…<\/p>\n","protected":false},"author":9,"featured_media":9281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1347,1349],"tags":[2519,2393,1434,1398],"class_list":["post-4552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements","category-crypto-news","tag-meta","tag-novi","tag-payments","tag-stablecoins"],"acf":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n