We’ve known that Meta (formerly known as Facebook) has been interested in cryptocurrency. The company had previously tried to launch its own cryptocurrency called Libra, but due to various hurdles, it ultimately did not come to pass and was later renamed to Diem.
That being said, it seems that Meta isn’t giving up on its crypto plans just yet because WhatsApp, owned by Meta, has recently announced that they will be launching a cryptocurrency payment feature in the US of a small number of users (presumably this will roll out to more users in the future).
The payment system will be done through integration with Novi, a digital wallet owned by Meta, and will use the Paxos Dollar stablecoin which is tied to the US dollar, meaning that you can trade cryptocurrency with other users and not have to worry about its price fluctuating unlike other cryptocurrencies like bitcoin and altcoins.
Users can send and receive cryptocurrency payments like they would send or receive media, and they can then later withdraw their money to a bank where they will receive it in the equivalent value of the USD. At the moment there does not seem to be any fees associated with using the feature, and users will be able to send and receive money as many times as they’d like.
WhatsApp is no stranger to using its platform to send or receive money. The service is available in other countries such as India and Brazil, but they use more traditional forms of money rather than crypto, so this would be a first for the company.