Meta (formerly Facebook) has begun testing cryptocurrency transactions on its WhatsApp app. As part of beta testing, the messenger received support for the Novi digital wallet, which allows you to exchange Pax Dollar (USDP) stablecoins pegged to the US dollar. The new function is available so far only to a limited circle of US users, writes TechCrunch.
“We are piloting our customer service and compliance features and our operational capabilities. We hope our solution will demonstrate a new use case for stablecoin as a payment instrument, ”said David Marcus, founder, and CEO of Novi.
The fact that Meta will develop new financial services through its own ecosystem, namely through Facebook, Instagram, and WhatsApp, was announced by Markus in early November. The first participant in the pilot program was WhatsApp. Its latest update brought seamless cryptocurrency wallet integration.
For a WhatsApp user, sending money has become as easy as sending a message. To do this, you need to select a recipient in your contacts, tap the paperclip icon on Android or the + icon on iOS in the text bar, select “Pay” and follow the instructions to sign in to your Novi account.
The digital wallet works without commissions and allows you to quickly transfer cryptocurrency to fiat money. There are no restrictions on the number and size of transactions yet. You can replenish your account using a regular bank card – no commission is charged for transferring US dollars to USDP. They promise to increase the reach of users after the service receives feedback from the first customers.
As he wrote”Expert”, last week Bitcoin, the main digital currency in terms of capitalization, collapsed by more than 20%. Moreover, it happened on the weekend when the stock exchanges were closed. The collapse of the “crypt” became one more proof of the flight of investors from risky assets after the massive sale of shares on the stock exchanges that lasted all last week. The sale was sparked by fears caused by a new strain of coronavirus and rapidly rising inflation.
The crash affected more than just Bitcoin. Last weekend became “black” for all cryptocurrencies: such common digital currencies as Solana, Dogecoin, and Shiba Inu, too, lost more than a fifth of their value at the moment. Ethereum, the second most important and widespread cryptocurrency, turned out to be the strongest. He also fell heavily on the night from Friday to Saturday, but by Sunday he had won back almost all of his losses.