WhatsApp starts testing Novi wallet

Meta (formerly known as Facebook) is launching a trial of the Novi digital wallet within the WhatsApp messaging platform. At the moment, the function that allows people to make transfers in cryptocurrency is available only in the United States and for a limited number of users. According to Novi lead Stephane Kasriel, USDP stablecoin will be used for transactions.

Kasriel noted that since the launch of the Novi pilot project, the company has already tested many functions and found out which ones will be in demand among the users. He also said that the introduction of a digital wallet will not affect the privacy of WhatsApp calls and messages.

Cryptocurrency can be sent in the same way as a regular attachment in the dialogue. To do so, tap on the paper clip icon on Android or + icon on iOS and select “payment” in the menu. The Novi website indicates that there are no fees for transferring tokens or withdrawing funds to a bank account, and there is also no limit on the number of transactions. Users will be able to transfer money to the Novi account using a free application that will automatically convert US dollars to USDP.

After the service is fully tested, Meta will study the reviews and possibly add cryptocurrency transfers for other countries as well. The company also planned to launch its own cryptocurrency, but due to the displeasure of the US authorities, the project had to be closed. Cryptocurrencies integrated in social networks may become popular. In the summer, Twitter announced the integration of Bitcoin.

In October, Meta officially launched a pilot project of the Novi wallet together with the crypto exchange Coinbase and the Paxos company, which owns the USDP stablecoin. The company is also going to ensure the compatibility between Novi and other digital wallets. The project was tested in the USA and Guatemala. Novi is now available in English and Spanish.

This month, Meta lifted restrictions on legal cryptocurrency projects ads in its products. However, it is still needed to get permission from the company, by providing the necessary licences from regulators. The crypto market stabilization and strengthening of state monitoring have allowed the company to ease the restrictions. The ban on ICO and binary options ads still remains.