Why WhatsApp Is Using Novi For Crypto Payments With US Users

Meta Platforms Inc FB is allowing a limited number of users based in the U.S. to send and receive money using its Novi digital currency wallet.

What Happened: In an announcement on Thursday, Stephane Kasreil, the head of Meta’s cryptocurrency and fintech unit, said a few WhatsApp users across the U.S. would be able to send and receive money using Novi.

Meta’s head of WhatsApp also took to Twitter to confirm the news.

“Since we introduced the Novi pilot just six weeks ago, we’ve been able to test and learn which features and functionality are most important to people, and focus our efforts on making those even better,” explained Kasreil.

“We often hear that people use WhatsApp to coordinate sending money to loved ones, and Novi enables people to do that securely, instantly and with no fees. Payments will appear directly in people’s chat.”

Earlier this year, Meta said it had launched a pilot of its Novi crypto wallet in Guatemala through partnerships with Coinbase Global Inc COIN and Paxos but immediately ran into issues with U.S. regulators.

Five U.S. senators urged Meta CEO Mark Zuckerberg to “immediately discontinue” the Novi pilot on the grounds the company “cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.”

FB Price Action: Meta Platforms shares traded 0.89% higher at $333.55 Thursday afternoon at publication.

Photo by Alexander Shatov on Unsplash