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Novi crypto – Whatsapp’s and Facebook’s coin

Whatsapp’s Novi crypto

Novi crypto – a bold initiative of a telecommunication company partenering with Meta Platforms (former Facebook) for their Whatsapp platform. Currently a select few U.S. users can send and receive money through the platform. This initiative could be an important step in the future of Meta who tried before to launch it’s own cryptocurrency Libra

More details on that can be found here:

https://www.cnbc.com/2019/12/27/swiss-president-says-facebooks-cryptocurrency-project-libra-failed.html

The project partnership has been announced by some of Novi’s executives. Novi VP Stephane Kasriel recently explained on tweeter the significance of this

The statement aligns with Meta’s new perspective on decentralized transactions. Former Meta crypto chief – David Marcus – explained how a partnership with Novi would benefit their financial instruments. Facebook and it’s sister app – Messenger – already offer peer to peer payments for its users as well as on Instagram.

Novi would be Meta’s second attempt at a digital wallet. The first such venture was Calibra which received oposition from financial regulators and legislators. Since then, Novi has now changed the stable coin backing from Diem to Pax Dollar.

Major takeaway for Whatapp’s Novi Crypto integration:

  1. Currently only available to U.S.
  2. Novi was launched in October as a mobile app only for U.S. and Guatemala
  3. Only a limited number of Whatsapp users can use the new features but the critteria for eligibility is unclear
  4. Novi’s websites still mentions it plans on eventually transitioning back to Diem
  5. The new interface will not affect Whatsapp’s encryption
  6. USDP( Pax Dollar ) is a collaboration from Paxos and Coinbase Exchange
  7. USDP is pegged to the real time value of the U.S. Dollar

Source:

https://investorplace.com/2021/12/whatsapp-will-unlock-new-payment-options-through-the-novi-crypto-wallet-8-things-to-know/

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