Meta Platforms Inc’s ( Formerly Facebook) announced that the company’s cryptocurrency wallet, Novi, will allow users to send and receive money through the social media giant’s messaging app, WhatsApp.
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The pilot program is open to a limited number of people in the United States, Novi head Stephane Kasriel said in a tweet late on Wednesday.
When you add money to your Novi account, we convert it to USDP (Pax Dollar), a stable digital currency issued by Paxos Trust Company, a regulated financial institution. USDP is designed to have a stable value relative to the US dollar,” Novi said in a blog post announcing the WhatsApp integration. “So on Novi, 1 USDP is equal to 1 US dollar.”
Using Novi does not change the privacy of WhatsApp personal messages and calls, he said.
Meta Platforms, has been working on the wallet app for several months, while scaling back its global plans for rolling out a digital currency called Diem on regulatory concerns.