Cryptocurrency on Whatsapp: Novi Crypto Wallet in WhatsApp
WhatsApp has launched a pilot version of a project that will allow a limited number of people to exchange cryptocurrency within the messenger. This feature is based on a digital wallet from Meta (formerly Facebook) called Novi.
What’s Novi? The Digital Wallet for Libra by Facebook
Novi is the digital wallet that helps people send and hold Libra digital currencies. Here’s what Facebook says about Novi:
“While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services. Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.
Novi was inspired by the Latin words “novus” for “new” and “via” for “way.” It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies. We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”Facebook PR
The wallet itself was launched in a pilot version a month and a half ago.
Cryptocurrency on Whatsapp
How can you exchange crypto in Whatsapp?
Payments will be made in Pax Dollar (USDP), a USD-pegged stablecoin issued by the Paxos blockchain platform.
The announcement was made by Novi CEO Stephen Kasriel and WhatsApp Specialist Will Cathcart. According to Novi:
the payment will be processed in the same way as sending any other attachment in a WhatsApp message.
What’s the fee for crypto trading on Whatsapp with Novi?
The developers note that no commission will be charged for sending or receiving cryptocurrency, and there are no plans to limit the frequency of sending and commissions for withdrawing digital assets to a bank account.
Transactions are processed instantly, and the new functionality does not affect the confidentiality of personal calls and messages in the messenger.
“There is a new way to try Novi digital wallet. Starting today, a limited number of US users will be able to send and receive money using Novi via WhatsApp. Sending money to family and friends is now as easy as sending messages,
– wrote Stefan Kasriel, head of Meta’s payments division.
Cryptocurrency on Whatsapp: How to trade crypto on WhatsApp?
The beta version of the project is currently only available to US residents in English and Spanish. In India and Brazil, WhatsApp has also introduced funds transfer functionality, but only in traditional fiat money.
Here are the latest news about the Novi app:
“Today, we’re starting to roll out a small pilot of the Novi digital wallet app in Guatemala and the US*. The purpose of the pilot is for us to affirm our operational readiness and show that our Novi systems, such as our customer care response, compliance program, and core feature functions, are serving customers well.”
“For the pilot we are enabling people to send and receive money using USDP (Pax Dollar) through a partnership with Paxos and Coinbase. Our support for Diem has not changed. We see great value in the way Diem is designed with robust protections for consumers and controls to combat financial crime. We intend to migrate Novi to the Diem network once it receives regulatory approval. The goal for Novi has been and always will be to be interoperable with other digital wallets and we believe a purpose-built blockchain for payments, like Diem, is critical to deliver solutions to the problems that people experience with the current payment system. Imagine if you couldn’t send an email from a Gmail address to a Yahoo address, or if you could only text people with the same mobile provider as you.“– Novi, December 8th
Can you buy Libra on Whatsapp?
Well for now – no.
Good news is that Facebook is expected do launch Libra in January / February 2022.