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Novi Wallet with Paxos Stablecoin is Now Available on Facebook

Facebook has launched Novi Wallet with Paxos in a trial-basis with plans for issuing more versions in the future.

Reportedly, Novi Wallet has been debuted by Facebook in a limited trial phase.

Per the press release issued early Wednesday, Facebook has completed the rollout of Novi Wallet in a bounded pilot version. 

The Novi wallet app will be offered to a small group of clients in Guatemala and the United States during its pilot phase.

The trial will service the U.S.-Guatemala remittances corridor, where 56% of people lack access to banking and financial services, according to David Marcus, CEO of Novi.

Monetary funds that are sent to individuals by relatives and friends overseas account for more than 14% of GDP, with 90% of those remittances deriving from the US, Marcus remarked on Twitter, highlighting the remittances market’s enormous potential.

Diem, the project’s native stablecoin, will not be supported by the Novi wallet at first, but it will support the Paxos Dollar (USDP). Marcus mentioned that Paxos is a well-known and widely accepted stablecoin that has been in circulation for three years, enabling Novi to work with other crypto wallets that accept USDP.

The Novi with Diem rollout will happen as soon as regulatory authorization is issued for the coin, according to Marcus. Another confirmation was made regarding the person-to-person free payments that will be offered in the coming versions of Novi, which will make for quite the differentiation among competitors in the industry.

On Wednesday, the announcement of the crypto exchange titan Coinbase confirmed that it will be of service to Novi for storing funds for the users and its wallet, therefore undertaking custodial responsibility for $320 million insurance against hacker exploitations as well as cold storage.

This announcement comes with interference from the United States Senate’s attempt to stop the launch altogether by sending a letter to Facebook that explicitly states their objection. 

Even though it is launched on a trial-basis phase, this represents quite the stride for the project that has encountered numerous obstacles. 

The wallet app is now available for download on Apple iOS stores and Google play. 

Also read: Digital Assets Threaten Sanctions, US Treasury Department to Deepen its Knowledge on Them

Also read:

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