According to online news sources, the widely used messaging service WhatsApp is reportedly trying a new feature related to cryptocurrency. With this new feature, which is being launched specifically in the US, WhatsApp will allow users to send money using cryptocurrency. With this development, it is amply visible the way in which the crypto world is making inroads into the mainstream financial scene.
It has been found that this new feature will be powered by a digital wallet called Novi that was launched recently by Meta (the parent company of WhatsApp). Through this crypto feature, US users will be able to send money to any part of the world. The Novi wallet was being tested for the past 6 weeks by some users from the US and Guatemala. On 8 December 2021, Stephane Kasriel (Novi CEO) and Will Cathcart (WhatsApp CEO) announced that the digital wallet will become available on a trial basis for use for some US WhatsApp users. According to a tweet made by Will Cathcart, Novi will allow users to send money to their loved ones instantly and more securely. There is also the added bonus of no additional fees.
When the digital wallet is used in the trial period, users will be sending the money by the USDP or U.S. Pax Dollar, which is a Paxos Trust-issued regulated cryptocurrency. This cryptocurrency can be linked to the value of the US dollar. This will help in avoiding any kind of Bitcoin-associated price volatility. One USDP will be equivalent to 1 US dollar, and the users will be able to add money to their digital wallet account through the free WhatsApp-Novi app.