WhatsApp to allow Crypto Payments

The recent reports about the plans of WhatsApp to allow Crypto Payments with the help of their Novi Wallet. Let’s find everything about this.

Background

Meta Platform Inc. (known as Facebook in the past) has announced that WhatsApp will allow its users to send and receive Cryptocurrencies with the help of their Novi crypto wallet.

As of now, this idea would start as a beta program. This means that the company will run tests for bugs and errors. Beta programs are generally for a limited number of devices.

This news hit the internet when Novi CEO Stephane Kasriel proceeded to reveal it by a series of tweets. These tweets are down below.

Stephane Kasriel’s first tweet in the series of tweets which he posted talking about Novi.

How money is transferred by Novi

Novi has given some information regarding how they transfer money from one account to another. The money the user deposits is converted to Pax Dollars or USDP. USDPs are issued by New York-based finance and technology company, Paxos Trust Company.

Pax Dollars are Stablecoins. This means that their value is pegged with real-world assets. Pax Dollars works in such a way that one Pax Dollar equals 1 USD.

According to reports, this move was pre-planned by Meta Platform Inc. for quite a while. The company had its eyes fixed on the profitable business of Cryptocurrencies for quite a while. The company initially had plans to roll out its digital currency called Diem. However, Meta dropped this idea due to some undisclosed reasons.

Conclusion

Indeed, the news of WhatsApp on the way to allow Crypto Payments with the help of their Novi Wallet has taken the media by storm. Hopefully, you will send and receive payments using Novi soon.

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