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- Stablecoins payments through Whatsapp will soon be introduced to some users in the US
- The trial users will be allowed to send and receive USD-pegged crypto tokens through Whatsapp
- Meta seeks to make transactions as easy as sending a message
Stablecoin or the fiat-pegged crypto tokens are often considered as less speculative assets in the cryptosphere. Facebook that has recently rebranded itself to Meta, was also working on to introduce its own stablecoin project known as Diem. Moreover, the social media giant has also introduced its Novi wallet for crypto transactions. Recently, the team behind Novi has announced that a limited number of individuals in the United States will be able to send crypto through Whatsapp.
Novi with Whatsapp plans to roll-out a trial
Following the announcement by Novi, Stephane Kasriel, Novi’s project lead, highlighted that there is a new way to try the Novi digital wallet. Hence, the project commenced to allow a limited number of people in the US to transact in stablecoin using the wallet on Whatsapp.
According to the marketing materials accompanying the announcement, it has been noted that the trial users will be allowed to send and receive USD-pegged crypto tokens. Such tokens include Pax Dollar (USDP) which would be custodied by Coinbase.
Latest pivot program wasn’t surprising
Novi co-founder David Marcus has previously hinted that Meta will be introducing Novi payments to all of its subsidiaries. These platforms included Facebook, Instagram, and Whatsapp. Notably, According to Marcus, they will be making transactions as easy as sending a message.
Whatsapp users will soon not even need to leave the application, and can transact without incurring fees. According to Kasriel, individuals use the social platform to coordinate sending money to loved ones, and now Novi will be allowing them to do that securely with no fees.
Facebook becomes Metaverse First firm
Facebook rebranding to Meta and steps towards the crypto industry has been a chaotic venture. The steps were full of fraught partnerships from big name firms like Mastercard and PayPal, and also included a wave of C-suit departures.
It is notable that the move towards the digital ecosystem has taken a variety of forms. Back in 2019, Mark Zuckerberg, the co-founder and CEO of the social media giant, pursued the introduction of a stablecoin named “Libra” backed by a basket of global currencies. However, later the project was rebranded to Diem and said it will be exclusively pegged to the US dollar.
However, Novi remained the only active remnant of Facebook now known as Meta’s early crypto ambitions. And after looking into payments, Zuckerberg’s firm rebranded itself to Meta. Hence the scenario shows that the firm seems more than optimistic about the future of these metaverses. According to Zuckerberg, his firm is moving from being Facebook first to metaverse first.
