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Facebook Launches New Novi Pilot Users Can Send Money Via WhatsApp

author image Written by: Rabije Gashi Corluka           Categories - In The News

Earlier this week, Meta launched a new trial version of the Novi digital wallet – this time, for use via the Whatsapp mobile app. Users in USA and Guatemala can now send and receive money right in their WhatsApp mobile app.

You might be wondering what the Novi app even is. Well, remember when Facebook announced the rebranding, the Metaverse, and how it will touch every product they build? It turns out this could be a part of it all.

Novi is a digital wallet that should enable people to send and receive money internationally without leaving their homes. There are no fees, and the process doesn’t last long. It uses blockchain technology and a digital currency called USDP – a cryptocurrency of Paxos – a coin that uses the Etherium blockchain technology and is attached to the U.S. dollar. So, 1 USDP = 1 USD.

According to Facebook, or Meta, if you will, Novi has been developed to enable fee-free, cross-country money transfers. If you decide to sign up, you will need a valid government ID and a video selfie. Then, you can add money to the account using your debit card and your contact list.

Things you should know

Novi is officially a regulated financial company from Facebook, but also has built-in protection against fraud and constant monitoring for suspicious activity. Yet, some regulators are hesitant to give Facebook more power and influence, especially considering the amount of user data they have access to.

For them, it seems that adding payment options is a step too far. That’s why Novi acts independently from Meta and wants to distance itself as much as possible, to maximize acceptance. Using Novi on Whatsapp won’t change Whatsapp’s privacy settings and should be completely safe, according to Facebook.

Rabije Gashi Corluka

Rabije always enjoyed finding different angles to a story, so it’s not surprising her curiosity influenced a move to a new continent, widening her perspective. She enjoys hearing people's stories and learning about different cultures and places - but most of all, she loves putting her thoughts on a piece of paper. Her love for writing led to her studying Journalism and PR, but she actually became a storyteller during her radio-hosting era. Now, she uses her skills, experience, and love for writing to help your brand stand out.

Google Updates Ad Policy to Allow Cryptocurrency Ads

06/04/2021

Good news for cryptocurrency exchanges – Google has updated its ad policy and will begin allowing cryptocurrency ads starting in August.

According to the search engine’s official announcement, crypto exchange and wallet advertisers will be able to advertise on Google starting August 3rd. However, they must meet certain requirements. This includes: 

  • Being certified by Google

  • Being duly registered with a federal or state-chartered bank entity or FinCEN as a Money Services Business, and have at least one state as a money transmitter

  • Complying with all legal requirements, including any municipal, state, or federal laws and regulations.

  • Ensuring all ads and landing pages comply with all Google Ads policies

As of August 3rd, Google will rescind any previously approved Cryptocurrency Exchange certifications, and all crypto advertisers must request a new Cryptocurrency Exchanges and Wallets certification with Google Ads. Any certifications issued prior to August 3rd will not be accepted.

It’s also important to note that Google has restrictions in place for cryptocurrency ads, and the following types of ads will not be allowed:

  • Ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products. This includes ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated DApps.

  • Ad destinations that aggregate or compare issuers of cryptocurrencies or related products. This includes Cryptocurrency trading signals, cryptocurrency investment advice, aggregators, or affiliate sites containing related content or broker reviews.

Considering how in-demand cryptocurrency has become this past year alone, it’s no surprise that Google is getting in on the action. However, it will be interesting to see how having this new outlet for advertising will affect all things crypto.

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