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WhatsApp activates new feature to allow users trade cryptocurrency

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WhatsApp has announced the introduction of a new pilot program that would allow a “limited number” of individuals in the United States to send and receive money using cryptocurrencies from within a chat.

“The @Novi digital wallet now has a new opportunity to try it out. Novi’s CEO Stephane Kasriel said in a tweet on Wednesday that “a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message.”

The feature will be made available via Novi, a pilot digital wallet launched by Meta, WhatsApp’s parent company. Using the feature, payments will be made using Pax Dollars (USDP), a stablecoin pegged to the U.S. dollar issued by Paxos.

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The way the payments work in WhatsApp is similar to sending regular attachments in a conversation. Users tap the plus (+) icon and then select Payment from the menu that appears. Users will be able to receive USDP via WhatsApp, which can then be withdrawn to a bank account in its equivalent value in U.S. dollars.

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There is no limit on the number of times the Novi system can be used to send and receive money through WhatsApp as well as no fees associated with keeping a balance in a Novi account or withdrawing it to a bank account.

In November, Novi co-founder David Marcus had said that Meta will roll out Novi payments, unifying all existing and future payments and financial services experiences under the Novi brand.

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