WhatsApp activates new feature to allow users trade cryptocurrencies

WhatsApp has announced the launch of a new pilot that lets a “limited number” of people in the United States send and receive money from within a chat using cryptocurrency.

“There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message,” Novi’s head Stephane Kasriel announced in a tweet on Wednesday.

The feature will be made available via Novi, a pilot digital wallet launched by Meta, WhatsApp’s parent company. Using the feature, payments will be made using Pax Dollars (USDP), a stablecoin pegged to the U.S. dollar issued by Paxos.

The way the payments work in WhatsApp is similar to sending regular attachments in a conversation. Users tap the plus (+) icon and then select Payment from the menu that appears. Users will be able to receive USDP via WhatsApp, which can then be withdrawn to a bank account in its equivalent value in U.S. dollars.

There is no limit on the number of times the Novi system can be used to send and receive money through WhatsApp as well as no fees associated with keeping a balance in a Novi account or withdrawing it to a bank account.

In November, Novi co-founder David Marcus had said that Meta will roll out Novi payments, unifying all existing and future payments and financial services experiences under the Novi brand.