Despite the fact that cryptocurrency has a high profile, particularly on social media platforms and online forums, many people are still perplexed by the fact that it is not linked to anything tangible in the real world.
Crypto units, unlike the pounds and pence of the UK's monetary system, are simply computer-generated files. Despite the fact that it is not legal tender in the UK, it is a form of currency and was designed to be a new type of money that could one day be as widely used as cash or credit.
Twitte r recently added the ability for users to send and receive Tips using Bitcoin as well as traditional payment methods.
And now, according to the Coin Bureau, messaging giant WhatsApp has launched a pilot program for sending crypto payments across its platforms via the Novi wallet.
The pilot scheme is still in its early stages and only a small number of users in the United States have access to it.
Novi makes use of USDP, a Paxos Trust Company stablecoin. According to Novi, users can deposit money with their credit or debit card, convert their cash to USDP after KYC verification, and then store and transfer USDP for free.
However, according to Facebook Financial (F2), the company eventually plans to use Diem as the preferred stablecoin on the platform.
Will Cathcart, WhatsApp's CEO, confirmed the pilot program on Twitter to his 59,000 followers.
When Meta, formerly known as Facebook, revealed details about the launch of Novi in October, US officials penned a public letter to the corporate behemoth pleading with Mark Zuckerberg to reconsider.
Senators Brian Schatz, Elizabeth Warren, Richard Blumenthal, Sherrod Brown, and Tina Smith wrote a letter saying that Facebook cannot be trusted to run a global stablecoin transfer platform.
"Time and again, Facebook has made conscious business decisions to continue with actions that have harmed its users and society as a whole," it said. Facebook cannot be trusted to manage a payment system or digital currency when its current ability to manage risks and keep consumers safe has proven to be completely inadequate. We implore you to halt your Novi pilot immediately and to commit to not bringing Diem to market."
There has yet to be a public response to the letter, and Meta's Novi appears to be on its way to becoming a major player in the virtual payments space.
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