Facebook launches Novi Wallet with Paxos Stablecoin

Facebook launches Novi Wallet with Paxos Stablecoin - Facebook NFT NOVI Digital WalletFacebook launched its Novi wallet in a limited pilot program, according to a press release released today.

The pilot program will focus on Guatemala

In its pilot phase, the Novi wallet app will be available to select customers in Guatemala and the United States.

David Marcus, head of Novi, noted that the pilot project will serve the US-Guatemala remittance corridor, a market where 56% of people do not have access to banking and financial services.

"Money sent by family and friends overseas contributes over 14% of GDP and 90% of those remittances come from the [United States]," Marcus noted in a Twitter thread today, highlighting the rich potential of that. remittance market.

Diem not yet supported

The Novi wallet will not initially support the project's native Diem stablecoin. Instead, it will support the Paxos dollar (USDP). Marcus noted that Paxos is a reliable and widely supported stablecoin with three years of operation, which will allow Novi to be interoperable with other cryptocurrency wallets that support USDP.

Marcus noted that the project still intends to launch Novi with Diem once the coin gains regulatory approval.

He also reiterated that future versions of Novi will offer free person-to-person payments. These commission-free transactions will distinguish the services from competitors such as PayPal.

Other Novi Developments

Leading cryptocurrency exchange Coinbase announced today that it will serve Novi in ​​a custody role, storing funds on behalf of the wallet and its users. The company will provide cold storage and $ 320 million in insurance against criminal attacks.

Meanwhile, lawmakers attempted to block the launch, as the US Senate wrote an open letter to Facebook opposing the plan.

Despite the limited launch of Novi, today's news is a step towards the project, which has encountered several obstacles in the past.

Users can download the Wallet mobile app through the Google Play and Apple iOS stores.

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