After two years of its announcement, Facebook’s digital wallet NOVI has arrived in the US and Guatemala. This is a small-scale deployment, and it’s simply a trial run before scaling things up.
The wallet will provide users with the ability to send and receive money quickly and securely, without incurring any additional costs. The only cryptocurrency it currently supports is Paxos Stablecoin. Facebook is colloborating with Coinbase to become the platform’s custody partner.
Facebook’s digital wallet NOVI is launched in two countries
The primary goal of the NOVI pilot is to evaluate the platform’s features and functionality. It will also be possible for the company to observere how the platform works as more people utilize it. Diem will be supported on the platform, yet it is still awaiting SEC approval to be operative. The digital currency has been formerly known as Libra, but it split off into its own firm.
David Marcus, the head of Facebook Financial, has stated that the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance.”
Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the @Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees. 1/8
— David Marcus (@davidmarcus) October 19, 2021
After the launch, there was a lot of negative feedback about Libra when most of its members such as PayPal, Visa, and Mastercard left after just a few months. The project has gotten some comfort from changing the name and still having Facebook’s support.
