10 Dec 2021 By Know Muslim
Date : 10-12-2021
Crypto inclusion is powered by Novi, an advanced wallet recently sent out by What'sApp Meta's parent organization (formerly Facebook) that allows individuals to send money around the world. The organization had started testing Novi six weeks earlier with a select group of customers in Guatemala and the United States. On Wednesday, Novi and WhatsApp announced that Novi will be accessible to certain WhatsApp customers in the United States. The announcement was made in a joint tweet on Twitter by the CEOs of both companies period of time for testing based.
“A new feature of WhatsApp that allows users to send money to friends and family has been launched in Novi. "Cathcart tweeted, “Individuals use WhatsApp to send money to their friends and others currently Novi will help them do it easily without any deduction charges ,safely and quickly"
Anyone using Novi during the test period will send money using Pax US Dollar (USDP), a controlled crypto currency donated by New York-based blockchain organization Paxos Trust. The USDP is intended to be pegged to the dollar, as stated by the Novi site, to avoid the kind of value instability associated with Bitcoin and other crypto forms of currency. One Pax Dollar is equivalent to 1 usd . Customers add money to their Novi account through the free app, which naturally changes those US dollars into Pax.
Customers with access to WhatsApp-Novi can choose the component by tapping on a paperclip symbol and then choosing Checkout. There are no fees for sending or obtaining money, and there are no restrictions on when remittances can be made, Novi said.
Meta's expectations for Novi are confused, but assuming the aid continues to exist, the market would generally be crowded with money transfer apps like Zelle, Venmo, and the Cash app.
Kasriel said the Novi pilot test enabled the organization to "realize what strengths are generally imperative for individuals and to highlight our efforts to make them far superior." Kasriel and Cathcart did not give a timeline as to when support might be available to all customers or made accessible in different countries.
Meta's use of crypto dates back to two years ago, when Facebook sent its own computerized money called Libra. The Libra project received a lot of analysis from the central government and was ultimately reduced to a shell of what it should be. Later renamed Diem, it was the money offered for sending Novi until administrative issues forced Meta to switch to Pax.
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